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A couple of weeks ago, with the oil and the e-SPU trading in tandem to the upside, I wrote about the approaching divergence, largely because oil prices had broken out to the upside from a significant base pattern, while the e-SPU was nearing its measured target of 1220. For the past week or so, the e-SPU has declined in a big way as oil prices have climbed in a big way -- and based on my work, the inverse moves are not yet finished. Oil points to target around $62.60-$63, while the e-SPU points towards 1185-1182.

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