A little while ago I said that the 59.50 level is August Crude should stop the current rally but I was wrong about that as you can see in the updated hourly chart above. Now I think the market will move up to the 3/4 division point (dotted line) of the current box at 60.85 before heading down again. This would make the rally from yesterday's 58.00 low a little more than half a box in extent.
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