The reverse pattern shown nailed the recent top nicely, although it did not furnish the information that might have explained crude’s latest conniption. Now I’m hearing that last week’s plunge was discounting a ‘peace’ settlement between U.S./Europe and Israel’s most murderous enemies. Netanyahu is too polite to tell those who hatched this suicide pact without respecting his or Israel’s existential needs to shove it up their ass, but he will surely ignore it. If this is indeed what is driving oil at the moment, we’ll tune it out until price action returns to its wonted, psychotic state. _______ UPDATE (Feb 11): $80/barrel has been pivotal to crude’s swings since last August and is still the number to beat. The pattern shown projects slightly above it and would give bulls more credibility if the 80.08 target is exceeded, especially on a closing basis.