Crude

Well, obviously the triangle didn't work as price traded through the 76.71 L.

I will go with the alternate tonight, while tomorrow I'll come up with a new alternate and another wag to this corrective mess :)

Not much to say except it appears that we should have additional downside price action, as structure does not look complete.

Although I took this snapshot prior to putting my channel work on the chart, it is channeling very nicely so far.

RSI is already starting to show divergence, which seems early. Generally, you witness your RSI extreme with the completion of a third wave, though there is still time for that to happen.

Barring an extension of (5), we should see the completion of micro [3] very near the 161.8% projection of [1] at 75.87.

Notice the 261.8% projection of sub-micro (1) sits at 75.68.

It should also be noted that the daily 50 sma sits at 74.57 and currently rising. We broke through the 20 sma and failed the retest, which usually suggests that we head for the next major moving average.