Below is what we discussed yesterday afternoon.
So far, so good-- that the minor base pattern above 75.85 just after hitting my preferred downside target zone at 76.00-- has yield a recovery pop to $79.35.
Then again, the bounce SO FAR, means nothing technically.
To start to get some upside traction, and to confirm that a significant low is in place, Oil must climb and sustain above $79.80, otherwise, the price structure will remain vulnerable to yet another loop down to revisit yest.'s low. MJP 11/05/14
Heading into the final hour of trading, the e-SPZ looks like it may have finished yet another minor pullback from 2019.25 to 1995.50, and is attempting to thrust into another advance ahead of the close, and ahead of election results.
Meanwhile, nearby NYMEX Crude Oil has spent the entire session building a minor base above $76.00.
A climb that sustains above $77.70 should trigger upside continuation into a potentially.