Crude Oil dropped to a low of about 99 and has since rebounded and traded within this level and the first Fibo level at about 102. Both level have been tested at least twice with a failure to breach. This suggests that Crude Oil will consolidate in this range until breaking out to, most likely, the upside.
Another interesting thing to consider is that there is 5 stage downtrend Eliot Wave that has just been completed. I have tried to mark it on the chart but my photo shop skills are not that great. The end of the wave suggest that the downtrend may be over and ready for a reversal. A break above would 102 would suggest the first stage of a 3 step retracement or the beginning of a new 5 stage up wave.
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