WTI Key Reversal

It's been a month of wide swings within a broad range for WTI. Interestingly it failed to follow Equities and the Euro to new highs, underlining perhaps it's inherent fundamental weakness. Physical reality intrudes .
In any event,  today saw a Key Reversal Day usually quite a bearish indicator. However the current count down from the highs at 74.99 is less than an ideal 5 waves while the bounce from 67.00 is no clean impulse wave either.

The best looking impulse wave is todays precipitous drop. In the meantime both todays move and the swing up that ended today are contained by the .76 retrace resistence levels. It would be great to see an overlap of the 67.02  low to clarify things a little. Really any convoluted resolution is possible from here, so keeping flexible as short term counts develop is key.

Naturally the SP and Euro are the big lead markets and both may have potential highs in place today as their respective wedges complete.  If not, they are clearly running out of steam and have limited upside potential.


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