CL was up in the morning but couldn’t quite make it to 74.90 on this try. Next there was a quick slip back to test prior resist that is now support at 73.25. I still favor a push to at least 74.90 and better 76.00 to end wave III of (C) of [B].
Well, the S&P 500 took the bearish path with a gap down today so as to push down toward the ~4100 area. On a fast intraday chart, there may need to be a minor new low on the day, but this leg is looking pretty extended.
Here is a bullish alternative to keep an eye on. Why consider an alternate? Because the high looks like it completed with three waves which is not ideal. What if we are still in a wave [IV] where the last high was wave (B) and this drop most of wave (C) of [IV]? Supports for this idea at 4114.00 and 4083.50 in S&P 500 futures.