Crude

A little bounce back day in the crude pits. Range was $2.10 on above average volume.

Price found support on the breakout level, which is not unusual. This support was helped by the 20 sma, which was held on a close basis.

We have retraced a 38.2% so far. As mentioned in prior posts, I would really like to see a deeper retracement if this is indeed a minute [ii] wave.

In all honesty folks, I'm not exactly sure what the hell this corrective is tracing currently. I spent about an hour and a half coming up with some different ways of viewing this corrective structure.

My conclusion - I wasted good time.

I am convinced that this is corrective and not impulsive. I could throw a bunch of wxy's and abc labels on a chart, but it would just be speculative.

Best to just let this thing play out. It will let us know when it's done.

I can say that I think (guess) that the move off the 80.46 H is an a wave. It looks like today was the tracing of the b wave, with c down to follow.

I'm not sure if this was an expanding triangle or just some combination. It does appear as though we finished a little [B] wave (or [4] wave) triangle late in the day. This suggests higher price overnight.

Just count your 5's and 3's intraday and continue to take their money. The bigger picture will clear up soon enough.