Crude

Crude appears to have finished an (a) leg up and is in the process of working on an extremely ugly (b). This may very well turn out to be a triangle.

The other option is that it has completed a flat. Very complex looking (b) wave, which is not unusual.

If it indeed is a triangle, it measures .96 and targets 66. Fib projections of (a) start at 66.05, which is the 61.8%. The 78.6% retracement from the 66.68 H is 66.06. So we have a nice confluence of numbers around 66. I would expect decent resistance at that area.

We still have the daily 2 bar projection to 67.62. I fully expect that to be hit in due time.

I will be looking for crude to finish off its (c) tomorrow. It may very well happen prior to pit opening. Whenever that happens, we should see some type of downward structure play out.

I might add, there is a chance that this is a 4 wave and not a (b). My guess is that it is a (b).

Here a look at this potential triangle from the 144T. Triangle or not, it should break higher.