Crude

Nice bullish reversal day in the crude pits. Range was $3.43 on above average volume.

It does not appear that the move off the 77.03 L has finished. We may be tracing a triangle here, which suggests a 4th or B wave.

I show this as a sub-minuette iv wave. Degree's aside, it may in fact be a b wave.

I am not totally sold on this corrective being complete, though odds favor that it is. Structure certainly suggests that we should see some additional follow through from today's price action.

Once we complete the next wave higher, we should get a more meaningful retracement.

Should this corrective need additional time and/or price, which it may, we could see a bigger degree flat or triangle/combo.

A decent consolidation after the nice thrust we had would not be uncommon, nor bearish for that matter.

Then again, this market may be ready to take off again.

FWIW I did put on a contract in case this does turn out to be a triangle. I'm long at 79.95, with my stop at 79.81. I have an order at 80.50 should it get that high.