There are smaller reverse patterns we could use to clock the latest down cycle, but we’ll go with the biggest, since we’ve grown accustomed to 20-point swings in crude, the global carnival midway’s featured attraction. The chart implies minimum downside to p=72.57, although lesser patterns would yield p supports at, respectively, 75.57 (Friday’s low) and 72.84. All can be bottom-fished with a tight rABC trigger. Just to be on the record, I’ll note that the D target of the big pattern is 64.36. We’ll be better able to assess the odds of this Hidden Pivot being reached once we’ve seen how the futures interact with p=72.57.
CLG25 – Feb Crude (Last:75.89)
