Crude

Crude lost ground again today. Range was $1.75 on average volume.

Well she broke beneath the 67.42 L (basis October). Interesting enough, the continuous contract did not. Where does that leave us?

I can't be entirely positive, but I am going to maintain my original assessment that we still need a minuette (c) leg higher to complete minute [b].

By switching some things around, I have come up with a decent count, and not only decent - but one I actually like.

We have two sets of 5 waves, or a 5-3-5 structure currently. One more downside set gives us an impulse. Without that extra set, it's just a corrective.

I'm not trying to be hard-headed here folks. I don't care which way structure takes this market. My goal is to be on the right side of the market. That sometimes is easier said than done.

Perhaps EWI is right, this was an ending diagonal. The continuous contract suggests otherwise.

So, if my interpretation is correct, price will start heading higher NOW. No room for error here.

First order of business is to take out the 68.70 H. Next would be to breakout of the channel. I will assume this takes place over the next couple of days.

If price loses the 66.94 L on the continuous contract, I will have to assume that I'm just dead wrong.