Crude

Crude finished the day down over $1 with expanding volume. Range was $2.54.

When I said I thought there would be range expansion today, I sure didn't expect it to the downside. Yet, action was not impulsive.

Crude basically supported at its 20 day ema. It has its 50 day sma at 68.45, should price fall further. Also, the 50% retracement of (iii) sits at 68.58.

I would start to get concerned if price action took out the 50% retrace level by much. The top of wave (i) is at 67.79 - the line in the sand.

Is it possible that we somehow completed a (v)th up there? I suppose it is, but I sure can't find it.

The current 15m deadly is 70.36. That remains valid until 68.71 is printed again. The 60m is at 71.98.