Crude

After early morning weakness, crude got busy subdividing higher. Range was a healthy $3.22 on above average volume.

I show this 10 range chart because it shows the wave structure nicely. This is one way of interpreting it.

It is unclear to me if we ended the structure at the 79.77 H. If not, it may be tracing the wave [4] currently. I show the possibility for a running triangle.

The (C) leg (not shown on chart) looks to have been a double zigzag, and would have finished at the 79.13 L. If a triangle, (D) would be in process, with (E) down to follow.

Any trade through 79 would invalidate this view, as this is the price extreme of (A).

I remain sceptical that this corrective has run its course in the bigger picture.

Did you notice the explosion in gold and silver today? Impressive indeed.