Crude

Crude was taken behind the woodshed today. Range was $3.85 with greater than average volume.

The downside breakout was expected as sub-minuette b turned complex, but looks to have completed at the 74.96 H.

It appears that c down is in full force. I believe that micro [1], [2], and [3] have completed. [4] appears to still be tracing, and may in fact be turning a triangle. It's to early to make that call.

If my assessment of structure is correct, [5] should finish up sometime tomorrow. This will finish c, thus completing minuette (b).

There is always the chance that when this expanded flat finishes, (b) will take on a complex structure if either price and/or time requires it.

Regardless of when (b) completes, we should see another leg higher to ultimately finish minute [b].

Targets for c should include the 161.8% extension of a at 70.62 and the 2:1 at 69.75. [5] = the 261.8% projection of [1] at 69.83. The 61.8% of [1] - [3] sits at 69.80.

We came within $.01 of the 1.618 daily projection (KoolsTools) of 74.97. If price breaks this level, it generally signals that it wants to go to the 2.618. When price has trouble at the 161.8, it is warning you that it may not want the upper projection.

My alternate is at the bottom.

Bottom line - I expect price to finish up minuette (b) in short order.