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(Quick) Crude Oil Update: Top in Sight?


NOTE:  Friday’s regular stock market update is posted just below.

I was just expanding my crude oil charting, and it looks as though crude may be within a couple dollars of the Wave C of (ii) top.  This is, of course, assuming my preferred count is correct.  If my count is correct, crude may be putting in a significant top either today or Monday.  If it exceeds the $100.62 mark, my ST count is off.  My confidence in this count is reasonably high.

60-minute chart below.  I didn’t label the smaller wave forms, because it’s very time consuming in Photoshop, but everything reconciles properly:

The big picture chart is posted below.  Under my preferred count, crude is in the process of completing wave c of (ii), and will soon reverse hard from these levels.  The long-term target is $25 +/-.

The original article, and many more, can be found at http://PretzelCharts.blogspot.com

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