CLN23 – July Crude (Last:71.25)

The chart shown, with a downside target at 56.90, is one of the few I’ve presented here that actually might not be good enough for government work. The A-B impulse leg is one that only a mother could love, since its ‘B’ bottom surpassed no distinctive prior low.  On the other hand, no fewer than three kamikaze dives have reversed almost precisely from p and p2 Hidden Pivots. Regardless, the theme I have sounded here for nearly a month — that the Saudi cutbacks amounted to a toothless threat — has helped keep us on the right side of a downtrend that evidently knows a global recession when it sees one.