Relief at the gas pump coming?
We have seen the break in the crude complex coming with the CRB topping and projecting 215-225 and the XLE having topped early reflecting profit-taking in oil stocks. With crude under 100.00, we can finally confirm projections to 93.33 and 89.58 next to get five waves down. The final projection for crude may be to 84.00 and cycle lows dominate into at least early August and we are looking further out. This will of course help gasoline.
All markets need a break and fears of a recession are killing crude now. We still have higher prices for a while so enjoy this break while you can.
Barry
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