John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: John Pitera who wrote (9363)	5/8/2008 3:48:17 PM
From: ajtj99	Read Replies (1) of 33421

The WTIC has blown all of the measured moves I have on the longer term charts. The only one left is a $130 target on the daily chart based upon a 100% extension of the move from $120 to $110. A "mirror" pattern I use suggests we will not see any significant correction in oil prior to early June. That would be a 3-week correction that may make today's price probably seem reasonable. The $120 level should be considered a shelf going forward.

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