A few minutes after noon it reached $58.80... That is pretty good compared the signal was at $55... If you guys check the chart, it can be played from signal to signal. We will see. Of course the chart doesn't know about politics, but a little mess with Iran, and $70+ here we go....
I have to a gree, quite the fantastic indicator with the data provided. In terms of entry points, it appears to be spectacularly accurate over the last year. Still, there is the matter of exit points. For instance, this same time (by chance) last year it signalled a sell entry, which was correct and followed by a $5 decline. However, it failed to signal a good exit point and ended up climbing around $10 higher than that entry point. What I'm saying is, it's an excellent tool, and appears to have a good history of accuracy: but that does not mean you'll make money off of it if you don't combine that with your own analysis. I think there's room for this signal to be correct and for this market to consolidate as well. jmho.
As T. Boone Pickens would say: '60 before 40'...although I think he did miss his most recent '70 before 50' prediction, I think the bulls are back and we may have seen a bottom...that's not to say we can't retrace back to the mid to low 50s first, but 60 is closer than the bear camp might otherwise think...I think.
just for the record, I'm not actually posting these bearish responses to dispute the signal....just maybe the interpretation. I feel as though it may be more of a long-term signal, and a very good signal at that. I still see consolidation, and not necessarily to $50, either. Maybe just $55. Report from Saxobank today: http://futures.fxstreet.com/Futures...p?menu=commodities&banner=Saxo_Content_060308