Crude & OXY The Fibonacci extension tool, which has been so helpful in nailing down risk:reward scenarios in price pattern analysis, is suggesting that the next two key targets for Crude Oil are $130, and then $240. The OXY Buy Signal from yesterday afternoon above $49 is considered triggered, with OXY's price extension targets at $62 and then, $84. The macro economic implications for soaring energy prices is adding to already alarming inflationary pressures. This combines with a dire geopolitical dynamic to lean toward our, "worst case scenario," for an imminent collapse in the pricing of global equities. Key support is beginning to fail across the Dow, S&P, Nasdaq and Russell 2000 indexes. A weak close near or at the day's lows would not bode well for Monday, or next week in general. A long anticipated spike in Volatility (VXX, UVXY) may be unfolding. Key round number resistance @ VXX 28-30. .
