Crude Oil Update

That was naaasty yesterday. And, in contrast to the choppy time killing bounce, it was easy to count and trade; exactly how you might expect the beginning of a 3rd wave to announce itself.
The overnight overlap of the previous lows from May 26 and 30, confirms the beginning of a new structure down from the highs of May 31. The next milestone will be the 96.37 low of May 23.
click to enlarge
Note the positive divergence on the 14 RSI.  A bounce is to be expected, though it may be of the dead cat variety if it is a (4) wave.
The maximum retrace of the previous 2 of larger degree was 50% .

The Brent has a slightly cleaner count on the 2 wave;
 Active Mo. Weekly
 click to enlarge
The c=a to complete the B wave up on the above chart.

click to enlarge

The 2 wave is an easy to count abc retracing 50% of the 1 at the completion of the c wave.
Note the failure to get into the gap.
The next leg down  =  the 1 @ 98.94
and is 1.618 of 1 @ 88


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