Wyckoff Consolidation - Crude Oil
New high today may be the end of the rally. Given the extended nature of this rally, I wouldn't rule out another extension for an alternate UTAD but volume over the last couple of days seems to support that the top may be in. I've update EW count and placed a trading range on the hourly. My see price go up to the upper support line of the TR and then continue down. The line at 60.94 is the high of the July 11 rally creating resistance with the current price action. Technicals looked to have diverged to support the Wave 5 designations. Options evaluation continues to be neutral. Continue to monitor the current trading range for breakout in either direction.
Good luck. Chart is for information only. Do your own diligence and keep your own counsel - J Lee.
Lloyd
Good luck. Chart is for information only. Do your own diligence and keep your own counsel - J Lee.
Lloyd
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