Browse Symbol Stacks: /CL: Oil_BullBatSetup_Jan032015.jpg

Oil_BullBatSetup_Jan032015.jpg

My secondary view of a POTENTIAL bottom target for /cl. 

Based on fibonacci price patterns, the monthly /cl (continuous) chart is setting up for a Bull Bat bounce at $42.53. 

Bull Bat price patterns keys are: 
1) A retracement of between 38.2-50% of the X-to-A leg 
2) A B-to-C leg terminating beneath the A point between a 38.2-88.6% retracement of the A-to-B leg 
3) C-to-D leg terminating at the 88.6% retracement of the X-to-A leg. 

Again, this is my secondary view on /cl price direction.

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