Crude oil has now traveled further than what I would like to see for a bear rally so I have to explore the bullish alternative.
I’m starting wave 1-2 in Minute degree and the waves do look a bit short at this time. We also know that when it comes to extensions the 5th wave can perform miracles in any commodity.
A very important high would be at the $66 price level which would also produce another double top.
The Gold/Oil ratio is 24.3 which has not changed all that much.
I will keep this short for now as I have to review the daily chart as well.