Looking at the NYMO weekly chart relative to the SPX an interesting correlation pops out.  For just the 4th week since the March 2009 bottom, the NYMO has broken below -100 on the weekly chart.  Each of the previous times, this marked the low for the NYMO, but not for the SPX.  While the SPX went on to make a lower low, the NYMO made a higher low creating positive divergence against the SPX.   On the first occasion, the NYMO made its low during wave 3 of C down in November of 2008, the SPX bottomed around 3 months later.  On the second occasion, the SPX bottomed 2 months later, on the 3rd, the SPX bottomed less than 1 month later.  Since this pullback is relatively modest compared to the March 2009 bottom, we can probably expect to see an SPX low within 3-8 weeks of the NYMO bottom of the 2nd week of May.  (Do to the time it takes to build divergence, I believe the weekly chart is a much better chart to use for the NYMO if what one is looking for is positive or negative divergence).