As expected the crude market ran higher today. Range was $2.29 on below average volume.
It's a little unclear how to best account for the subdivisions in the structure today, however, it does appear impulsive.
If this is a correct count, then we should retrace here before impulsing higher.
I have the retracement levels on the chart.
If my bigger picture has merit, that we completed a triangle, then we shouldn't waste much time in here before we "thrust" up. As mentioned last night, the target would be 77.29, or 83.72 if we assume minor B completed.
It appears that we have traced another wolfe wave. The pattern is shown on the chart.
Entry should have been at point 5 around 71.98. You would taken minimal heat of just a few ticks.
I didn't spot this until doing my daily analyzing of the price action for today's trading, so I'm short at 71.65 with a stop at 71.82.
Target is the lower boundary line that connects 1 and 4. Conveniently, we have a 161.8% projection in the same general area. I have a resting order at 71.21.
Edit: wanted to update the wolfe wave as price is currently around 71.30. I have moved my stop to 71.47, which is 1 tick above the 100% projection.
Edit: BINGO!
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VO, what happened to Mr Kool? RBurns
ReplyDeleteNothing, that I'm aware of Mr. Burns. He told me his blog would be a "if I feel like" type of thing.
ReplyDeleteYour not the only one who misses his insight.