All I know is we have a lot of silly money chasing the CL rally.
But I rarely hold overnight positions, esp in CL.
Take into account the euphoria in the Wheat market just a cpl of months ago, at that time, all the talk in the news and media made one feel Wheat would never come down...lol! I feel the same thing is happening in CL. Where the exact TOP is i dont know, anybody's guess, but probe sell when it hits new highs and if no follow thru' to the downside , I bail.
Now U don't hear any more news about Wheat going bananas to the upside anymore. Well, I think CL may be the next one to drop.
On the other hand, it may well get to the projected highs since the silly $$ folks tend to keep buying. It just reminds me of Dotcom stocks back in the heyday not too long ago.

GT,
DC