Crude

Crude closed flat today on slightly better than average volume. Range was $2.24.

Crude needs to move on out of this congestion. I'm not thrilled with the amount of time it has taken to trace this wave (iv). Perhaps it has finally finished (iv), although it is to early to determine that.

I do not want price action to break the base channel (right above z). That means it needs to go now. If this isn't the start of (v), I'm going to be concerned with the count.

It is also possible that (iv) finished where I have sub-minuette y. That would mean that there was an expanded flat for ii, which would end where z is. I know, looks like crap, that's why it's an alternate.

We will just have to see what price action brings tomorrow.

BINGO Again!

AB=CD 988.50 FROM YESTERDAY IS working perfectly, remember the projection is down to 984.25.
Lets see if we get there overnight or early tomorrow.

Market Update

Well had a terrible headache this morning, so I just got up to do some chart work. The Nasdaq again is showing relative weakness for another day and this is a sure sign of a pullback due.
Above number to look at on the Nasdaq is 2015 and if we break that we should head up to that gap of 2070. On the downside we must hold 1880 to hold our bullish stand on the market. We are overbought here and I would rather see a pullback before jumping in long here.
Must note I am bearish longer term but very short term I am bullish here. How high we go who knows but I will definitely be looking at the Elliott wave pattern the higher we go.

Remember I am still looking for us to at least test that 1045/1054 area

US Dollar

The Dollar looks like is have completed a 5 wave down that would complete a larger wave C. The jury is still out on the dollar here but it has been getting rocked and we might be close to an important bottom here, keep an eye out on it.
Remember that the commodity markets are highly influenced on the US Dollar.