Crude Oil

Here is an hourly chart of May crude oil futures.

I had been looking for a rally to 65.30 but the market so far has moved a little higher to 65.80. This is actually a new high for the rally from blue point A because what looks like the high bar on the chart was in fact a data transmission error.

The 65.80 print gives the whole rally, blue A-B-C-D, a clear three stage appearance. The move up, black a-b-c-d, also has a three stage appearance. I think the next big move will be downward from here into the 56.80-57.20 zone.