Crude
The daily momentum of crude oil remains in by mode. In the short to Metastock making new lows. Let me start with the Monthly chart and look at the big picture. Here prices did not go below the 66% retracement of the previous ABC advance. Holding these levels leaves open the odds that we may still make an attempt to touch the top trendline at $ 83 in a counter trend move is part of a more complex pattern.

The second chart shows how we can resolve the near term Elliott wave structure. Starting with an expanded flat that explains the big sell-off last year, that decline is wave A of the triangle. Subsequently wave C was only 61% of wave A. The triangle completed five waves in E. After that, minor waves 1 and 2 have developed, in which wave II is also only 61.8% of we I at $ 53. We may have started another ABC up towards the 83 Mark and wave
A will be a five wave move.
