Plunge In July Crude Oil

July Crude Oil-- Let's see if the Saudi's Oil Ministry can wipe the egg off of their face after yesterday's failed attempt to goose Oil prices above $75.00. 

In the interim, July Oil plunged $5/bbl to 70.13 this AM, prior to staging a recovery bounce to 71.90 as we speak.

From a pattern perspective, I am still viewing all of the action off of the March and May lows at 64.42 and at 63.70 as a major Double Bottom that has since been reinforced by the 5/31 and 6/06 lows at 67.03 and at 70.13, all of which argues for upward pressure toward another confrontation with resistance at 74-75. A sustained climb above 75 will project July Crude Oil to 80-83 thereafter.

At this juncture, only another failed rally attempt followed by an implosion beneath 67 will indicate that the "bottoming period and pattern" remains "under construction." Last is 71.95