By Mike Paulenoff, www.MPTrader.com
Time to consult with the very long-term chart pattern in crude oil, from the December 1998 low at $10.35, which has a very bullish pattern, into today's high, but also a pattern that is in its final few percentage points of making a multi-month if not a multi-year high. All of the action off of the Jan 12, 2007 pullback low at $49.90 represents the final upmove in the larger 1998-2007 upleg. The relationships between the various legs during the most recent 10-month upmove point ot a target zone of $97 to $102, or an additional 4%-10% climb in crude oil prices prior to the anticipated peak and reversal. Should such a reversal occur from the vicinity of $97 to $102, then based on this chart, on a weekly basis, a 9-10 year bull market high in oil prices will be established, after which crude should enter a "corrective phase" that could last many months to 3-4 years (in relation to the 9-10 year bull market), and which has a minimum target zone of $78-$75, and then $67-$63. In other words, crude oil prices are nearing a major peak after a 9-year bull market.