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Crude recently potentially completed a 5 wave move down, blowing just below the major low pivot (green arrow to the left). It has since possibly found support at that pivot, now a distant LSP, and has the potential to complete a wave C into the red "zone".
As always, watch volume, watch the short term trends, etc.
Just since I first posted the daily chart, crude rallied over 90 ticks... I don't trade at night, so nothing lost, but we now have a very strong 6-range reversal.
I ride the upwaves on a range chart and watch the higher timeframe chart to see which way I am going. What I posted are some of the charts I watch, and I always have a daily, 93 minute, 30/60 minute to see where I want to go.
So, I have not taken 400 ticks, but catch 50-60 per day as an average.
This potential wave C is not dead yet. Crude has tested the area around 83.00 three times now, and has possibly formed the base of support needed to push through the stop losses above the high pivot of wave A, retrace (or not), and continue on to the minimum target zone.