The 78.08 rally target flagged here two days ago caught yesterday’s top within a nickel.  I hadn’t explicitly suggested getting short there, but at least one chat room regular did. He felt he’d covered prematurely — the futures are currently trading down 97 cents from the high, but he exited much earlier  — so let me repeat the advice I gave him in the chat room:  “An easy way to know when to cover is to simply use the impulse-leg rule. Drop down to July Crude’s one-minute chart and you’ll see that we would become buyers if it shot up above 77.83, an external peak. That’s really where a rally would become threatening to a scalper/short-term trader who is short.”  Indeed, the best place to cover a short position will often be at the price where you might have gotten long if you’d held no position at all.