Crude

The crude pits were a little tamer today, which was not unexpected. Range was $2.26 on above average volume.

I show two separate ways of basically getting to the same place, same time, that is minuette (a) completing at the 71.39 H. Doesn't really matter which is correct, they imply the same thing.

It is possible that the 71.39 H finished the wave iii (or [3]), suggesting that there should be one more leg higher.

Notice the RSI divergence. This is suggestive that the move off the 65.05 L has finished, although, not a certainty.

If this assessment is correct, we should find ourselves in a (b) wave corrective. Once complete, we should see minuette (c) higher.

We did have what appears to be a nice flat off the highs that retraced to the 38.2% to the tick. I suppose it's possible for this to be (b), however, I don't believe that's the case. I would expect something bigger in both price and time.

Anybody notice how the crude market bucked what the dollar did today? Every market has their own structure. Sometimes they fit with other markets - other times they don't.