Crude

Nice reversal day today. We had a $4+ range, but have you guys noticed how light volume has been the last couple of days.

All numbers are October basis unless noted differently.

I have changed the count to reflect that we obviously finished "something" down at the 67.42 L. I have labeled the low as minuette (a), however, I have a sneaky feeling that it is actually (c).

That would entail minute [b] completing up at the highs. You can make a better case for that with the October contract.

Sure feels like their churning 3's for a triangle (look at the daily).

It appears that we are very close, if we have not already done so, to finishing c, thus completing (b). If this is correct, we should be beginning (c) down.

I have to tell you folks, I am very unsure of specifically where we are at. For the time being I will assume that [b] finished at the 73.92 H in a truncated 5th.

Here is a look at my trading chart. Notice how well the c leg channeled.

As always, pay attention to price action - not the silly labels.