Quite a night, eh?
In spite of my noting that ultra-bullish DIG had broken out yesterday, I found an interesting chart that seems to contradict the importance of that breakout – the clumsily-symboled $DJUSEN Dow Jones Oil and Gas index.
There are two reasons to believe this has crested:
(1) It has nailed a major 61.8% Fibonacci retracement level (which is based on lifetime extremes of this index);
(2) It has perfectly met its measured target from the IHS pattern that ranges from May 17th to September 29th of this year
