The bubble did pop... The biggest 4 at NYMEX are short !!! Since they hold about 40% of Futures/Options we have to be aware that they make the price. The Correction rang is at least 78-88 . Maybe even back down to 60.
One of my fav. correlations is the here shown... 4-4.5 trill. USD daily Volume in USDJPY FOREX Trade compared to a few 100 mil's in Miners. Guess who will be the mover ... GDX at 20 starts to be a long term buy.
At current price levels Shell should be at 34 & BP. at 7.8 ... Let's have a look when they will catch up with performance. Bet aware the big 4 COMEX Commercial Traders are positioned such extreme like in 2005