Commodity Correction Over? WTI Retraces 38.2 Of Drop From Highs, And 61.4 From Thursday Algo-Inspired Flash Crash

Tyler Durden's picture

At this point it appears rather safe to say that the commodity correction is over, as SocGen predicted over the weekend. As of this minute, WTI has retraced the key 38.2 Fib level from its highs, and looks set to take out the $104.6 price which would mark half the correction from the top. And, just as notably, the retracement from the Thursday algo inspired collapse, is now 61.8%. So much for that. We wonder if this means the peasantry can put Eric Holder back in the carbonite, and is it time for the CME to shift its attention from silver to WTI margin hikes? The answer, according to cramer and central planning, is a resounding yes.