Crude Oil

Here is an hourly chart showing pit and electronic trading in November crude oil futures. I last commented on this market here.

Contrary to my expectation the market did not make a higher low near the 1/2 point of the box near 58.80. Instead it has taken a peak below the last low of 57.70 on October 4. If I am reading this market correctly we should see a fast recovery back above the 59.00 level and this would be the initial stage of a move into the 64.00-65.00 zone.

Should we not see a fast recovery above the 59.00 level I shall abandon my rally scenario and instead start looking for a move to 53.00.