The Day Ahead: AM Edition 2022-08-04

Crude goes on to make a new low under the July low

Crude Oil

Let us start with CL as it is interesting this morning. CL made a new low under the July low which now meets the minimum requirements for a five-wave impulse down from the June high. CL now on support at 87.75 which could be the low for c of (a) of [ii]. I can’t rule out an extension toward 84.00 but a good idea to manage if short. As to long f…