CLX26 – November Crude (Last:92.41)

Using just the last third of the long-term chart shown in the inset, one could make a case for a surge to as high as 179.  This would become no worse than an even-odds bet if the futures were to close for two consecutive monthly bars above the 119.48 high recorded in March. Since the world could not long endure such prices economic or politically, I will assume for the time being that it is not a likely outcome. Instead, I’ve focused on a longer-term pattern that allows for a gradual detumescence of oil prices down to p2=49.25, a secondary Hidden Pivot. The picture also allows for a marginal poke above 119 which, although traumatic, would not necessarily topple an already shaky global financial edifice.