The break back below $59.96-84 warned of heavier pressure, likely down toward $51.00 (-). We have seen $10.54 of this so far, taking out $51.00 on 2/3. This is ON HOLD. I noted that there was an area of possible exhaustion below at $49.30-8.51 that had the potential to bring in a bullish correction—we held this with a $49.31 low and have bounced $2.89 into a lower time frame bullish correction. The decent trade above $50.74 (-3 tics per/hour) put this above a steep formation that projects this upward $1.40 minimum, $4.55 (+) maximum. We have attained $1.46 of this so far. If we break back below decently, look for decent renewed pressure to come in and a resumption of bear calls. This will come in at $49.30 (-3 tics per/hour starting at 9:00am). NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Crude and Energy/Gold markets along with specifics for 'decent penetrations'. Please feel free to reach out if you are interested.
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