Much as April Gold has all but locked up a push to at least 1820, April crude has presumably turned a rally target at $120 magnetic. Both vehicles popped through Hidden Pivot midpoints so decisively last week that it is difficult for me to imagine their failure to reach their respective ‘D’ targets, presumably later this week or early next.
The considerable downside for the world is not just that energy prices are once again about to be goosed into the stratosphere by speculative forces, but that the speculative action itself implies a greatly heightened risk of military conflict between Israel, Iran and conceivably the U.S. Camouflage entry opportunities will be hard to find following last week’s breakout, but the best place to look will probably be the 3- or 5-minute chart (where, it must be noted, no legitimate ‘external’ peaks to leverage exist at the moment).