Crude

Crude was taken behind the woodshed today, losing close to 6%. Range was a hefty $4.31, while volume was the heaviest since 5/7/09.

It appears that C still has more room on the downside. My interpretation of structure is that iii of v should be complete, or fairly close. That would mean that we are tracing out iv with v to follow, thus completing (3).

As always, degree's and labels are subject to change.

There is a possibility that the structure that finished at the 68.99 H was B. I do not believe that is the case.

One area to watch is 62.42. This is the one bar daily projection from the 68.99 H. Another area worth watching is 61.37, this is the 261.8% projection from wave (1). Retracements from the 59.30 L and 68.99 H are shown in red.