Crude

Crude saw hard downside price action today. Range was $3.77 on expanding volume.

How's that for a thrust? Geez. Appears that I called the completion of the triangle 18,000 points to soon. Obviously, e or [e] was not complete, if there is even an e down here.

The chart clearly shows a 3 wave structure thus far. In my defense, you can see why it looked possible for the triangle to have finished. You can get 3 down to the 69.27 L, at channel support with a nice fib relationship.

I don't like my degree's. Feels like they should be a notch (or two) higher. This would suggest the minute scenario. In which case, I would be right in my assessment of an ABC down to the 69.27 L.

Critical support is the 67.66 L. Should that be violated then the triangle, as I have labeled, would be off the table.

There is also the possibility that [c] is a complex leg and will be a double zigzag. C leg's are typically complex anyway (p. 52 Elliott Wave Principle). It would actually make for nicer symmetry in my opinion.

I'm not hell bent on this having to be a triangle. It very well could be some combination, as discussed in previous posts.

This we do know, structure is putting in a bunch of 3's since the 75.83 H. Only 4's, B's or X's sport triangle's. We are in a B or 4th wave. Triangle legs come in 3's.

Bottom line - I will assume we are tracing a triangle until proven otherwise. It does not appear that we are finished with this current leg. Watch the 67.66 area should we trade down there.

All prices basis November contract.