ONE44 Analytics where the analysis is concise and to the point
Oil has now hit our long term target area of 57.30 to 57.85 this is first, 78.6% back to the January 2020 high and secondly 61.8% back to the October 2018 high. With a close below the 56.51 major Gann square the target is 50.00, this is 23.6% back to the 4/22/20 low and a major Gann square. The long term swing point is now 45.95 this is 38.2% back to the 4/22/20 low. With a close above 58.00, this will be the short term swing point and the next long term target is 66.08, this is 78.6% back to 2018 high.
In between the longer term levels mentioned above we recommend you use the second chart below. This is based on W.D. Gann's Law of Vibration. The yellow lines on it are to be used as support and resistance, as well as short term swing point and targets.
Our goal is to not only give you actionable information, but to help you understand why we think this is happening based on pure price analysis with Fibonacci retracements and Gann squares.
You can get all the rules and guidelines to the Fibonacci retracements on our website
Sign up for our Free newsletter here.
This is our latest video on how to use the Fibonacci retracements. Even if you do not trade the market covered the rules and guidelines are the same, as we believe the Fibonacci retracements are the underlying structure of all markets.