Oil U.S. Light Sweet Crude Futures ($55.81)

In a previous Comment I said I thought that Oil was hanging on by its teeth in the $60 area, and it might possibly be base-building.

Perhaps I was only half right. It's still hanging on by its teeth in the $60 area (more accurately $55-60), but now I think it's possible that after moving sideways for a month or so, this may turn out to have been a right shoulder. I'm not in a panic over this because $55 to $60 is a great price for oil.

The long term uptrend remains intact, and I'm now describing what I perceive to be a "B" wave in an ABC corrective phase in that long term uptrend.

This latest revelation has dashed my hopes for getting back into Oil stocks on the near term. My idea now is to wait until after the final "C" wave correction.