May Crude didn’t pull back nearly enough last week to fill the ‘mechanical’ bid I’d suggested. It still looks bound for an all-but-certain rendezvous with the 88.69 Hidden Pivot target shown. Although the rally stalled for a while precisely at the 78.85 midpoint resistance, once the futures finally got past it, there was no stopping or even slowing the ascent.  A move to the target would exceed the 88.31 peak recorded in June 2022, creating a fresh impulse leg of monthly-chart degree. $100 crude, anyone? _______ UPDATE (April 6): The May contract shredded its way past p2=83.77, the secondary Hidden Pivot shown in this chart, all but guaranteeing the target will be reached. The stock market’s heedless ascent as soaring energy prices threaten to kick inflation back into overdrive ranks right up there with the crazed exuberance of the summer of 1929.