I won’t go into the somewhat subjective reasons, but the inset chart is unconvincing regarding whether crude is headed significantly higher, possibly reaching the 134.08 target shown. I had assumed this was possible, but my job is to determine whether it is likely. To better judge the odds, I’m going to use a downtrending, conventional ABC that begins with the 117.63 peak recorded last Tuesday. It projects a Hidden Pivot midpoint support at 89.41 and a D target at 76.12.  Since these Hidden Pivots align closely with the green and red lines in the chart, we’ll use them alongside the specific numbers provided in this tout to get an accurate read on trend strength, both dominant and corrective.  The futures have already signaled a drop to p=89.41, but a decisive overshoot would lend a little weight to the not-crazy-bullish case.  If they continue to fall, exceeding D=76.12, that will significantly diminish the chance we’ll see new highs above 117.63.  For the record, a fall to the green line (x=90.25) would trigger a ‘mechanical’ buy, with a stop at 75.63. I am recommending the trade only to ace Pivoteers, however.