WTI..Not an Impulse Wave

Not an impulse wave up. This looks corrective in structure, so far 2 series of little abc's, with potentially a 3rd to go. If it overlaps 74.96 next resist is the .236 retrace at 75.41 Mar contract , spot mo. a little lower 75.30, this is also the 4th of lesser degree resist.

click to enlarge
There is a potential for a 5 count down, but the lack of any real extension in any of the waves so far is cause for staying neutral at this point, they could still be in the wings. Euro, equities, long specs all could easily weigh
Big Picture from Jan 6    WTI- Sale of the Decade?   
"when it's trading at $50, or $40 or $16 ...$83 's gonna look mighty sweet. All initial 5 wave structures get followed by at least one more leg , in this case down. And 147 to 32.40 was a BIG 5 down."
Exploit the bounce.


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