Crude

Another upside day in the crude pits. Range was $1.72 on above average volume.

This is one way of looking at the minute [d] leg structure. It's not without issues, but certainly works without breaking rules.

My big concern, which I'm sure is obvious, is the sub-minuette iv wave. It really has no proportionality with ii. It looks like it should be a smaller degree.

There are different ways of counting this that would take care of that issue, however, they lead to additional problems.

I'm starting to get nervous here. The 75.89 H (75.41 continuous) is the price extreme of minute [b]. We have printed 74.96 in globex. Should price trade through that level by any meaningful amount, then this structure is NOT a triangle.

In fact, it really shouldn't trade through that level at all, but the futures markets don't always play by the rules.

If not a triangle, then price is tracing some devious type of combination for minor B that I have yet to identify.

Hopefully the mid-line of the channel will keep price in check.

We do have nice RSI divergence that suggests that a 5th wave of some degree is nearing an end.

Once we get a completion of [d], we will be able to put retracement levels on to give us an indication of where [e] may end.

Edit: I notice where EWI finally called a contracting triangle in this market :)