Crude

It was a retracement day in the crude pits. Range was $2.88 and volume expanded.

I sure didn't expect crude to basically spend the whole day retracing the previous wave. I really thought they would make quick work of it.

It appears that structure may have finished this leg down, which I have as a sub-minuette ii wave. During trade today I thought we needed another leg down - I guess not.

Nice hit at the 78.6% retracement level. This is more indicative of a 2nd wave, as discussed last night. We also held the channel after briefly breaking underneath it.

IF this is a ii wave AND it finished at the 68.88 L, then we should see nice impulsive upside price action tomorrow.

iii = i at 72.80. iii = 161.8% of i at 75.23. (c) = (a) at 74.38.