by Martin Armstrong
Armstrong Economics
On Friday we elected the Weekly Bullish Reversal we had at 38.40. Crude pulled back for two days marginally to try to retest the previous reversal at at 32.40. We have now gaped up and the major Weekly Bullish Reversals we have warned about stand up at the $45 level. We are in this period we warned about that the 1st quarter would have to try the souls of most traders. It has been March and May as key targets in time and April has been a panic cycle in many markets as well. Here the low is in February, not last December. If we at least close March above the February high of 34.69, then we have a shot of more than a one-month knee-jerk reaction high. Then we can look for a possible 3 month rally into May. The two primary target at the $45 and $49 level. That has to be exceeded to hope for an rally to reach the formidable resistance zone in the $69-$70 area.