see chart. 35 here we come. Also completes a HS, and does not get to the double bottom level exactly, just as in past major dives. The feeding frenzy will begin this time prematurely, the blood in the water will be the large oil companies gobbling up the small ones that hung on during the last dive, and simple get overwhelmed by the remaining debt. As Mr. Potter did in Its A Wonderful Life, "Pennies on the dollar". Rig counts remained steady, but demand is dipping and will continue to do so, while the pound continues its nose dive, dollar strengthening, oil doesn't stand a chance in that war. XOP puts September and August looking very good.