Crude

Pretty lackluster day in the crude pits as the corrective continues. Range was $2.08 on expanding volume.

Price has basically retraced back to the 4th of lessor, while not yet getting down to the 38.2% fib level.

Structure continues to look and act like a 4th wave. This would suggest that we see higher price eventually.

There is a chance that this is a bigger triangle pattern. If you assume that the 77.64 L is a, the 81.99 H is b, we would have finished a complex c at the 77.81 L. I rate this as low probability though.

My guess at this point, is that the corrective we have been tracing for the last week is still a work in progress.

The dollar appears to have put in a 5 wave structure to the upside. Be mindful of that.

Edit: I failed to mention in last nights update that I took a stop on my GLD calls. I actually bailed a little early, but still had to take a $.35 loss :(