November Crude has pulled back sharply after topping last week a hair from the 94.76 Hidden Pivot target billboarded here. The weekly chart not only allows for another burst higher, most immediately to the 98.65 target shown here; it can also be used to project a blowoff to as high as 117.22. Indeed, there is nothing unreasonable or illogical about this interpretation. Moreover, one could reasonably infer that the decisive penetration this month of p=90.67 has already made a move up to 117.22 no worse than an even bet. _______ UPDATE (Oct 2, 10:56 p.m.): The correction targets 87.20 most immediately, but an easy breach of this Hidden Pivot support (90-min, A= 95.02 on 9/27; B= (90.35 on 9/29) would imply the correction has farther to go.
CLX23 – November Crude (Last:87.80)
Posted on October 1, 2023, 5:26 pm EDT
Last Updated October 2, 2023, 10:55 pm EDT
- October 2, 2023, 11:38 pm
Your above update is welcomed & appreciated. I am hoping / believing it is in the making of a real rout.
Good luck on that & no cigar perhaps, but that could lead to a recovery economically if it does drop back to a sensible level. A savings on fuel could help many who are struggling to meet needs.
Maybe the US Dollar is going to help make that happen. It appears to have found a way to do what so many say cannot be done. Now there’s a fundamental from an old chartist. Let’s see what happens.
Thanks,
Dean Ezell