WTI Due for Down Leg
Chop , Chop. The count is clearly structured in a,b,c, x's which I've simplified on the chart. The B could go as high as 73.90 as c=a in that structure. BUT.
That would put WTI awfully near the top of the range we've been in for 2 months, and downside risk would be high.
The "c" of B wave MAY be complete here. An overlap of 68.02 , the beginning of that wave, will confirm that. SO using the 50% retrace of that "c" as a likely tell.
Note that just under the overlap, is the 50% retrace of the move up from the July lows of 67.77 ( Oct ) .
It's about time WTI explored the lower end of the the range.