Good down day for crud oil. I am lowering my stop from "b" to ".b" (46.07). I've drawn a secondary channel on the 2 hour chart. . I would not be surprised to get some bounce up around 41.85 to 42.50 Longer term I still there is a good chance the correction may go to 50% or even 70.7% (to kiss goodbuy to the long term down trend line although that would seems like a crude thing to do).
I put a "fib fan" on the daily chart just for the fun of it. I was surprised to see the lines match up so well with the recent highs. Does that suggest the correction may be over at the next line around August 25th?. I don't have a clue. Do any of you have any experience with this tool. Would like some help?