For those who are interested here is the 60 minute chart for CL (oil futures) with the fibonacci retracement tool. Oil has been selling off for the past few days ahead of the oil report today (Wednesday) then popped at 7:30 about 70 points. This is a pretty regular pattern if you pay attention. Oil is weak now and could fall beyond the current retracement for the 60 minute chart. If that happens then we're in another cycle for that time period and will need to adjust the fib tool to accommodate. Longer time frames like the daily gives a better view of where underlying support is.