Crude

Crude finished a little higher today on above average volume. Range was $1.86.

Per our discussion last night, crude looks to have finished its [5]th wave, thus completing iii. It appears that it took the form of an ending diagonal.

Notice the swift reversal off the 72.52 H, a signature of a ED.

If that assessment is correct, we should be tracing iv currently. ii was a zigzag, so based on alternation, we would expect something complex.

I have the retacement ratios on the chart. I would not expect to see a very deep retracement.

After v up completes, we should see a more meaningful retrace.

In all honesty, that [5]th leg counts much better as a 3 than a 5. I would not be surprised if we are still tracing some complex [4]th.

My guess is that tomorrow will be slow action (relatively speaking) for this market. Good thing about crude, on its slow days it is still very tradable - unlike that pos ES.