CL’s rebound since our Feb 11 bottom call [see: USDJPY Finally Relents] has been nothing short of spectacular. It’s not surprising that it has brought SPX all the way to the bottom of our target range a little ahead of schedule. As we noted in last week’s forecast update, our 2050 upside target raised a few eyebrows when we first posted it on Feb 26 [see: Cornered Bankers Resort to Ramping.]
Now that we’re here, we have to wonder if CL has the legs to take it further. If it pauses here at the white .618, how will TPTB get SPX over the hump?
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