Light Crude is still above the 132 support. For a new downtrend, we still need a lower high and a close below 132.
You may notice that on the Economic Calendar that the Crude Oil report is now released at 1035 ET rather than 1030 ET. Yesterday, all eyes were on the oil report just before 1035 ET. A nice trade would have been to place a buy stop at 1220, which was just above the upper part of the small consolidation range created just prior to 1035 ET.
It is nice to see the $TICK pivot 6-period EMA in the green again.
The three-wave correction to the upside is complete. We should see a short-term move to the downside in the next day or two. Whenever the market is making a new high, look for evidence that upside volume and price momentum is decreasing. Remember that momentum precedes price.
Charles
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