Finally, a move that warrants changing the marquee! It was steeply downward, almost touching the 66.84 ‘D’ target of the conventional pattern shown. There are two reasons to think crude’s 20% plunge since July from the low 80s will reverse here. For one, the pattern associated with the 66.84 Hidden Pivot began with an impulse leg that surpassed an ‘external’ low. This means that it is not what I call ‘sausage’, and that the resulting ABCD therefore has a greater chance of producing useful Hidden Pivot levels. Another reason a bottom is likely here is that the D target is located very close to a voodoo number, a proprietary output about which I will say no more.
CLV24 – October Crude (Last:67.67)
