Crude

A slow day in the crude pits, as we spent the majority of the day correcting. Range was a smallish $1.79 on contracting volume.

Big picture first. The triangle form continues to take shape.

If this is a correct interpretation, we are working on the minute [d] leg. After completion, we should see an [e] leg down that would finish the triangle.

The upper boundary line is simply a guess based on the two peaks. It may end higher or lower than what is shown, though it would be a convenient turning spot.

The 79.39 target is the minimum level this will measure, which is based on wave [c] low of 65.05. There is a high probability that [e] will finish higher than that low. We will need to take the measurement from wave [e] low when that occurs.

Looky where price topped today - right at the mid-channel line.

Drilling down intraday shows how I'm looking at the subdivisions.

It's unclear if we have finished minuette (c), and thus [d], or not. During trade today, I originally thought we needed another leg higher.

After more study, I'm not so sure. Regardless, it does appear close to being a complete structure, if not already.

Notice how the reciprocals .786 and 1.272 worked together. That's not an accident - I can assure you.

RSI suggests that we ended some degree of 5th at the 73.84 H. I'm hoping for a tad higher myself. (c) = (a) at 74.39, a nice target indeed.

Prices are basis November contract.