Crude-

Strange week in the crude pits. Big reversal Thursday, followed by bigger reversal Friday.

Friday's price action confirmed my suspicion of this corrective being over.

I will keep my interpretation that we finished a minute degree [i] wave at the 81.99 H, though it is an educated guess at this point.

Support is very near with the 20 sma at 76.59. I have also placed the retracement levels on the chart.
I am considering the possibility that minor B has yet to complete, though it is a low probability at this point.
One thing is apparent, the price action off the 81.99 H is corrective - not impulsive. This suggests that we should see new recovery highs in this market once the retracement process is complete.
The dotted vertical lines on the chart are placed at the pivot lows starting with the wave (A) bottom. Notice the fairly nice symmetry between these pivot lows, though not perfect by any means.
Should this symmetry extend out to the next pivot, it appears that we are somewhere around the halfway mark currently.

Definitely got ugly

Definitely got ugly there! pushed us down to 1031. I am definitely looking at the lower numbers as the next targets to start off November.
Next important downside number is 1023 then we have 1018, which were both important numbers on the upside.
Remember when we blasted pass that 1023-1025 area it was off to the races, now that is important to watch on the downside-

Have a great weekend

BINGO!!

Now that one was quick- They seem to be flushing us. They got to bounce us there or it could be a very ugly close

Next level

Next level on the downside is 1037.50 for the S&P futures.
Do we get there today??????? BIG QUESTION

S&P

Got to watch a strong trade through 1072. If we stay below we are turning the tide to the bears even after the move up today

Art Cashin

Art Cashin is one of the few person I like to listen on CNBC. He has over 50 years of floor experience and because of his experience he is one of the few left who have seen everything the market has done.
About an hour ago he said it was possible for the DOW yesterday to decline over 800 points (I am amazed at that) and had to really listen what is explanation was. Man he was dead on and he basically said the market is following the Euro/Dollar basically tick for tick. Art noted that any strength in the dollar will unravel us much lower which is in line to what I have been saying about a declining dollar would make market rise because of the devaluation of the dollar.
Art doesn't not believe this morning GDP numbers and I will be looking in the coming days how we really digest that number.
13 minutes in we are up but we will see how we do after lunch.

Talk to you later tonight.

MARKETJEDI

Crude Update

We have basically reached the 38.2% retracement level.
If this is a wave 4 of any degree, we probably won't get much past the 38.2% level. Should we have ended a structure at the 81.99 H, again of any degree, we should expect the retracement process to be much deeper than a 38.2%.
It appears to me that we may have traced a H/S topping pattern. If this is the case, it would measure down to around the 61.8% retrace level at 73.81.
Watch price as it retests the broken neckline. A failure here would allow good entry for a short.
RSI has reached a level on this 120 minute chart where we should expect at least some type of bounce.
The dollar continues to make new highs from the move off its 75.085 L. This is worth paying attention to folks.