Oil has topped off just below our target at 88.74. We appear to be equilibrating in a sideways correction about 87.21. It looks like we are establishing a floor just above 86, in the vacuum zone between 85.55, and 87.21. Volatility has consolidated considerably, so anticipate a breakout either way. We could make another run for 88.74. The Kovach OBV is still strong, but has started to arc downwards with the ambivalence. This might signal a further correction and if so, watch for support at 85.55, then 84.75.
Comment:
Oil takes a sharp dive after hitting our target of $88.74!
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