Yesterday crude oil confirmed an elegant new pattern that points to new three-month highs. The midpoint at 95.61 is near another Hidden Pivot, at 95.49, as described in the August 10 tout. As we mentioned then, if oil can rally decisively through the $96 level, it would be on its way to 102.39. We can now add 99.51 as a price objective and possible resistance level, as this is the ‘D’ target of our new pattern. Traders who doubt oil’s bullish potential should watch the 95.49 – 95.61 area for shorting opportunities. (Posted by Doug “harry” McLagan)
