CLZ09 – December Crude (Last:77.65)

October’s rally was clearly impulsive, having exceeded the required internal and external peaks — on the weekly chart, no less.  A pullback to at least 76.76 was needed to recharge, so last week’s low at 76.55 would appear to qualify.  If that low endures, a rally touching 80.66 would trip a bullish trigger on the long-term charts, signaling more upside to at least 84.77;  any higher would indicate 92.99.  My gut feeling is that the more corrective action is needed and that the  76.55 low (aka point ‘C’) will be eclipsed.