I will make this December contract a perminate contract month as other months have some wild moves in them that have much higher spikes than what we see. The September contract produce a very small gap which oil is in the process of closing off. We still have the 4th wave peak and since May this peak has not been breached. Technically it should not get breached if the bigger bearish trend is already in progress. Every counter rally to the bigger trend is a mini bear market rally, and any price support level will not hold, but for only a short time period. From my perspective price never confirms a wave count, as price is a result of the type of pattern in progress. Did price help you see the oil crash coming? Or did price of the DOW in 2009, tell you that a 10-11 year bull market was coming? Did the price level of gold tell you that a gold crash was coming? As long as you use price as your only indicator, then you will get the same results as the majority do. In this game if your not a contrarian you become the victim.
We could be in a wave 2 rally in Minute degree so this rally should eventually die when the big oil bear returns. Commercials are very bearish in their positions, so until they switch, the pressure on oil will be to go down not up. Most E-wavers ignore these types of contrarian indicators which can produce massive unexpected reversals. I’m confident that any Cycle degree correction in the commodities world will produce a zigzag with some producing triangles.