Technical update on Oil

Oil is amazing - looks pretty much like the Chinese stock market. I really wonder what happened to demand - supply since Mr. Pickens was arguing that the market was driven by fundamentals as it went up sharply. It seems that Goldman got it wrong in the energy trade as well, since I do not see Oil going above 110 any time soon. The Guardian reported weeks ago that President Bush told the Israeli government 'No attack on Iran under his reign'. Our wave assumption that a correction would go up to 120 never occurred and the 110 resistance turned out to be the end of wave 4. Now we might find some support at 85 temporarily but the overall picture looks like 65/70 is due before we have a floor which will hold up. A weekly close below 85 confirms another 20 points have to go but that might take a while to accomplish. You may have recognized that the attacks on pipelines and similar events which drove the markets up suddenly seem to have vanished - looks like some people were doing everything to get the markets higher.