I was on the road Friday, and will be again most of today so updates will be infrequent.
However the massive reversal from a near confirmation of the down move Friday certainly changes up the Elliott count for the short and possibly intermediate term. There were several "news" events, a Hurricane possibility over the weekend..(remember Katrina), War w/ Iran rumblings, rumours of BP  unwinds taking place, all in all a tough Friday to go home short.
  click to enlarge
From here the high put in 79.38 early this morning IS a new spot high over the July contracts 78.92.
So far that has retraced .66 of the 87.15 to 64.24 decline. At this point the lows from Friday at 75.90 would probably need to be overlapped and the channel taken out to get the bears in control again.
click to enlarge
This is of course the problem. SP are verging on confirming a resumption of the down move with very serious potential risk. See 
Crux Point
And so far theis morning there is no reason to think otherwise.

And add in the JPY inverse tell.
Makes for a difficult environment to want to buy WTI.


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