have become Reality. The 59.50 target has been Screaming "HIT ME" for over a week. Todays low so far is 59.70, close enough for a qualifier. Gotta love the fishing weather, even though Monday's drop was a bit disappointing. Todays catch @ 60.35 was thrilling when I heard my deposit orders ring @ 60.50 and 60.10, even knowing I was leaving some profits on the table.
My hedgers are even more thrilled, since we made a guess to slap more hedges on @ 62.70 yesterday. If I'm correct about this being the 5th wave down off of the 69.50 contract high, the 5th wave usually equals the 1st wave down------that would put 58.50 on the menu to get a Wash Out Kiss. Sometimes the market that is overloaded with longs------has to Wash Out the longs with a strong Wash & Rinse Cycle.