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 +/-.
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