Crude

An up and down day in the crude pits with price finishing higher. Range was $1.94 on slightly better than average volume.

I'm sticking with the 10 range chart again tonight, as it really shows the subdivisions of structure well.

We clearly had a 5 wave impulse off the 81.06 H, shown as sub-micro degree waves on the chart. The larger degree that it completed is unclear currently. I show a micro degree [1] or [A].

You can also see what appears to be a nice double zigzag that retraced back to the 80.03 H. This is labeled as [2] or [B].

So, we had 5 down from the 81.06 H, followed by a 3 up to the 80.03 H. At minimum, we should have another 5 down for either a [3] or [C] wave.

You can see structure subdividing off the 80.03 H in impulsive fashion as expected.

The pink fib set relates to the micro degree structure. Equality comes in at 79.24. [3] or [C] = 161.8% of [1] or [A] at 78.27.

Interesting enough, the 127.2% sits on top of the 50% retracement level at 78.80, while the 161.8% sits on the 61.8% retracement level.

I hope this leg really extends. I'm short with a text book entry :)