The pattern shown is not of the bluest pedigree because of its obviousness. However, it is almost certain to be useful if you plan to trade the big swings or merely want to know with confidence how oil prices are likely to behave in the weeks and months ahead. The chart is a composite, so don’t expect  the levels to perform exactly. However, even so-so patterns have midpoint Hidden Pivots that ‘work’, so we should take last week’s stall precisely at p as a sign of this particular pattern’s reliability.  We don’t know yet whether the futures are about to blow past p=116.89, but if they do, take it as a sign they are not merely capable of reaching a record 178.89, but that this is likely. Also, although a relapse to the green line (x=85.89) would likely produce a global sigh of relief, from our perspective it would set up a juicy ‘mechanical’ buy, stop 54.88, that implies yet another big price leap capable of incapacitating the global economy.  Bloomberg has quoted the usual Wall Street shills as saying crude prices would have to hit a minimum $128 and stay there for a while to bring on a recession, but these guys are such liars and morons that nothing they say can be trusted. The same could be said of 90% of the news and commentary emanating from Bloomberg, which is the most Trump-deranged of all the major news outlets. They really hate the guy, and everything they report on him has an extremely negative slant, even to the point of their hoping Iran wins the war.