Crude

As expected the crude market ran higher today. Range was $2.29 on below average volume.

It's a little unclear how to best account for the subdivisions in the structure today, however, it does appear impulsive.

If this is a correct count, then we should retrace here before impulsing higher.

I have the retracement levels on the chart.

If my bigger picture has merit, that we completed a triangle, then we shouldn't waste much time in here before we "thrust" up. As mentioned last night, the target would be 77.29, or 83.72 if we assume minor B completed.

It appears that we have traced another wolfe wave. The pattern is shown on the chart.

Entry should have been at point 5 around 71.98. You would taken minimal heat of just a few ticks.

I didn't spot this until doing my daily analyzing of the price action for today's trading, so I'm short at 71.65 with a stop at 71.82.

Target is the lower boundary line that connects 1 and 4. Conveniently, we have a 161.8% projection in the same general area. I have a resting order at 71.21.

Edit: wanted to update the wolfe wave as price is currently around 71.30. I have moved my stop to 71.47, which is 1 tick above the 100% projection.

Edit: BINGO!