Crude Update

The crude market pretty well followed my expectations for the week, although I thought that price would reach a little higher.

It appears that minuette (b) has finished at the 69.83 L, though not a certainty. We have a nice clean 5 wave structure up from that level, which I have labeled as sub-minuette i.

Once we have completed 5 sub-minuette degree waves up, we should finish (c), thus completing minute [b]. Minute [c] down should follow.

Notice how price was rejected at the corrective base channel.

Also notice the RSI divergence at the top of the micro [5]th. Exactly what should be expected with a 5th wave.

It appears that we have finished ii down and have started iii up in earnest. If [2] has completed, which is unclear at this point, we should enter the meat of (c)'s advance.

Near term, I expect price to follow through to the upside. We should see the completion of [b] later in the week.

(w) = (y) at 80.38. the minimum objective is the 61.8% of (w) at 75.25.

I'm anxious to see if they break price out to a new recovery (and yearly) high. This is at 76.56.