Crude

HUGE day in the crude pits. Price closed up almost 6% on big volume. Range was $4.50.

Well, obviously sub-minuette v was complete. I show that happened at the 65.05 L, which would have been on Friday. This should conclude minuette (c) and minute [c].

Structure off the bottom probably counts best as a double zigzag a wave, although I show a i on the chart. Regardless, we had a heck of a 3rd wave today, which is either a iii or [3] .

It appears that we finished whatever degree 3rd wave at the 70.72 H. If so, we are currently tracing a 4th.

If I have assessed structure correctly, we are working on the [d] leg of a minor B triangle. Price should not trade above the [b] wave high of 75.89.

We have to careful here as the waves start to contract, it is easy to over estimate the degrees.

Once [d] completes, we should see an [e] leg lower before we "thrust" up and out of the triangle.

iv should finish up fairly quickly then we should see a more meaningful retrace after v is done.