Monday morning saw crude get crushed...down over 4%....with a current low print of $70.53. Looks like the fib retracement is complete and should begin the advance back soon. Order flow looks positive for the long setup.
On the fundamentals of why crude took a nosedive....I heard it was New Mexico production hitting all time highs. If that is the news....way oversold in my opinion.
I loaded up with some front contracts for intraday ($71) and the Dec. contracts for the swing ($68.80).