Crude oil is aiming for price targets in the upper part of its long trading range.  The price of crude oil for delivery this December has gained a whopping two dollars and ten cents in the last sixteen months.  In other words, early 2008 this isn’t.  A reversal at the midpoint pivot shown on the chart would prevent the futures from surpassing an important prior high along the wall of the May 2010 crash.  It’s not marked in the picture, but you’ll see it.  Regarding said crash, we should note that the subsequent trading has not entirely neutralized it as the AB leg of a potential pattern.  But bulls can take comfort from the fact that three good-looking “C” points have already been cancelled, and we don’t have a one-off “A”.  Keep an eye on the 85.97 midpoint of our new bullish pattern, and on the prior high of 86.52.  A rally up to the “D” target of 90.96 would leave the May collapse in the dustbin of market history, and out of the Hidden Pivot Hall of Fame.  (Posted by Doug McLagan)