Crude

Crude finished the day higher on contracting volume. Range was $2.29.

It appears that we have impulsive price action. The only wrinkle is that there is slight overlap on the initial move off of the 68.84 L, however, not on a close basis.

I will assume that minuette (iv) has finally finished until proven otherwise.

There are a couple of ways to count this initial impulse. I show sub-minuette i ending at the 71.13 H. It is quite possible that it actually completed at the 70.88 H with a truncated 5th, as shown as my alternate.

iii = i at 72.06. iii = 1.618 of i at 73.48. If correct in my assessment of structure, we should see price start to accelerate to the upside as it hits its wave iii.

Crude is setting up to finish its minor C leg. This should time fairly well with the dollar completing its 2nd wave.