Crude

Crude put in another small bodied candle today. Range was $1.74 on below average volume.

If your bullish this market, today was almost a victory. We maintained above yesterdays price low of 67.05, yet structure does not appear to be suggesting that the decline is finished.

It looks like we finished off a [C] leg of a corrective this morning. We have not witnessed impulsive price action thus far. My guess is that 67.05 breaks.

Perhaps price wants the daily projection at 64.88 (basis continuous contract). Perhaps it wants a lot lower. It's unclear to me at the moment.

If this was an ending diagonal, then that would suggest that we should see the 61.11 L in short order. The ED scenario is my backup to my 4th alternate count. In other words, I ain't buying it folks.

Let's see how price action treats us tomorrow. If this witch can hold the channel, maybe we could see some upside potential. As stated earlier, I have serious doubts as to whether 67.05 can hold.