Crude

Another big down day for the crude market. Range came in at $3.17 on heavy volume.

Let's start with the daily and look at the bigger picture first. We failed to hold the 67.66 L, thereby, negating the triangle as I had it labeled.

This is what structure appears to be tracing in my view. It is clear that we have put in nothing but 3's since the 75.83 H.

This suggests a combination or triangle. I believe that structure continues to form one of the two, with my choice being a triangle for this minor B leg. I am guilty of trying to finish it off to soon, which is very common.

It appears that minuette (a) of minute [c] traced a double three, as I have discussed, is typical for the C leg to be complex. (c) should contain 5 sub-minuette degree waves.

Once complete, this should finish [c]. At that point, we should see upside pressure while [d] unfolds.

With this interpretation, price can not break 61.37. Should that happen, then there is no way to account for a triangle of any degree lower than intermediate.

This intraday chart is the one I showed a couple of days ago with the wolfe wave. Who knew it was that important of a pattern. Price continues to support on the 1-4 line.

Price has stair-stepped down (literally) in this iii wave. It looks to me like iii may have completed at the 65.60 L. If so, we should currently be working on iv.

ii appears to be a zigzag, therefore, we can expect iv to be shallow and complex.

The big wildcard in all this is the dollar. It has the looks of impulsive action the last few days. Although, it should be counter-trend based on my current assessment, there are ways of looking at structure that could conclude its 5th wave.

I will certainly be paying close attention to that market, as it has repercussions for basically all other assets classes.