Near Term Trend: Positive
Friday’s Close: 4,474.89 (- 66)
UPDATE: We called the low within five points of 3,280.00 ten weeks ago. Five weeks ago we called for a move toward 4,520.00 – if Crude maintains its strength.
As of three weeks ago, our objective was met.
Prior to last week we stated, “The market continues to lurk within this region of our objective. Momentum looks solid, but profit taking could be lurking”.
Subsequently some profit taking was enacted this past Friday.