A novel technique for Oil targets based on the Fibonacci fan

A new methodology is proposed, whereby correction targets may be identified primarily with the aid of a Fibonacci fan. To construct it we need to determine first the fundamental triangle ABC, which occurs at the beginning of third corrective waves, in addition to finalizing the location of the relevant support line DCE.

Line AC marks the (0) fan guideline, which leads to the critical fan line (2) (marking the end of wave 3) and (hopefully) fan line (4) towards the end of wave 4 at 67.85 (also 38.2% wave 3 retracement). This is expected to be followed by wave 5 directly to the final oil lows below the level of 35.