WTI Whip It Good

WTI  Cracks that whip  once again as hedgies battle hedgers.  The spike up spurred on by yesterday's inventories, is only the most recent in a series of sharp reversals seen over the last year, albeit of lesser range. This is more evident in the chart of the contract rather than the nearby continuation chart.
This suggests a market testing direction and is not uncommon at turning points.

 1 year

 click to enlarge

The legs back and forth do appear to be structured in " abc"s, characteristic of consolidations/ corrections. Most likely the WTI wave structure is in the middle of this, and will take more time prior to clarity, however these swings should start stretching out as it resolves.  

1 month

As stated in the preceding post, risk is somewhat greater medium term to the downside in this set up, 40 before 50. 

NOT recommending anything except go sailing!