Crude

Crude made marginal new swing lows today at 58.32. I have no clue if my labeling is correct, however, it really doesn't matter much. We know crude is correcting the massive sell-off it has had over the last 10 trading days. Just look at the overlapping waves leading price sideways.

The real question is "how high will it retrace"? I have my eye on the 38.2%, which sits around 63.50. It could go for its 50%, but I think those odds are not very high (assuming this is a 4 wave). Have I told you I love trading this beast!

Also, notice the very nice RSI divergence.