May 2010 Crude Oil showing a 240 min chart and a 5 min. Price has fallen as anticipated ( see Fridays post & trade) from the UMLP of the Schiff Median Line set. The diagonal red line is the first reaction line and price has arrived at the confluence of the centre line of the red up sloping ML set and the reaction line from the blue Schiff ML set. The 5 min charts shows the support from the reaction line (sadly the red centre line doesn't show due to distortion at very low TF's) and one the LMLP of a very low time frame ML green dotted down sloping ML set and the short term objective is the green centre line then i would not be surprised to see price return & oscillate around/above the reaction line until at some point either breaking through and continuing to the Schiff blue CL or going higher.
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