Crude

Crude continues to power higher, closing up another couple of bucks.

It appears that something finished at 72.20. I show sub-minuette iii, however, it very well could be minuette (iii). Since this is more than likely a 4th, regardless of degree, be on the lookout for a triangle.

72.20 was the 261.8% projection of i . A perfect fib relationship for iii to complete. 72.16 was the 141.4% projection of (i) . I have placed the retracement ratio's on the chart.

When this retracement completes either tonight or tomorrow, I will be expecting higher prices still. Minute [a] = [c] at 72.40. Other nearby targets are the 88.6% retracement from the high at 72.91, and the 161.8% projection of (1) sits at 73.16.

Once this degree retracement takes place we should be able to draw a new channel.