Crude Oil Bounces Off Symmetry Support

We saw a nice symmetry setup this week in Crude oil.

After Crude oil pulled back from the 5/31 high we ended up holding key support at the 110.87-111.21 area. The actual low was made at 111.20 directly within this key price support zone. After we saw a trigger on the 1 min chart with the 8/34 ema crossover, you could have been a buyer with the initial stop either below the low made at 111.20 or below the low end of the price support cluster.

So far we've seen an $8.22 rally off this support.  I do have a higher target at 122.37, but we should be ratcheting up stops just in case we do NOT make the target.  Note that I have time resistance to this rally early next week which is another reason to trail up those stops!!

Carolyn Boroden, who is renowned for her expertise in Fibonacci price and timing analysis, hosts the Fibonacci Market Analysis service at ElliottWaveTrader.