The hourly chart above shows the price boxes for the trend down from the 135.10 top on March 11, 2005. That top occurred in the June contract but we are trading Septembers now; even so, I just move the boxes from one contract to the next with no adjustment for the inter-contract spread.
As you know I think the trend is up from the low at 119.00 and headed for at least 124.00. It is remarkable to me that the boxes from the last trend are still operating well. If it ain't broke I don't fix it so I will continue to use these boxes for the current uptrend too.
The market looks like it is near the end of a full box reaction from 122.87. Buyers should take control near the 1/2 point of the current box near 120.85.
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