CLV23 – October Crude (Last:91.21)

Quotes rose sharply again last week, threatening consumers around the world with yet more bad news and higher prices for everything. If the October contract were to pop through the secondary Hidden Pivot at 90.99 where it came to rest on Friday, that would likely spell more upside to at least D=99.84 (with a possible ‘local’ stop at 93.72, using A=7.26 on the ’60’ from 8/29). It would also push the price of a gallon of regular gas toward $5 and quite a bit higher in California. It is fortunate that the stock market, Wall Street, pension funds, insurance companies, and private and public investors have gone full-on ‘mental’ at the moment, since any sane reflection on the economic implications of oil priced at $100/barrel would produce a panic out of stocks. It’s coming anyway, but don’t be surprised if investors awaken one morning to an avalanche of cognition that kicks off the bear market with unmistakable force. _______ UPDATE (Sep 19, 9:25 p.m.): The ‘local stop’ at 93.72 flagged above caught the top of a so-far $2.67 plunge within two pennies. No one mentioned it in the chat room, however, so I haven’t established a tracking position. If anyone still trades this vehicle or even remotely cares about it, it is time once again to declare your interest in the chat room.