Crude Oil Update: An Inflection Point?

It's been several months since I updated my counts on crude oil. If you are not familiar with my previous analysis, please read it before proceeding.

GAME OVER?

The following series of charts attempts to explain what I'll be looking for should the crude oil market be nearing a critical inflection point that resolves to the downside. My reasoning, as you will see is that PRICE must react in a manner that is consistent with that of a third of a third wave. If it doesn't, then price shall continue to move within a well defined price range as defined in my previous work.

 

At the weekly level, I'm working a very aggressive 1-2, 1-2 count!

Dropping to the daily chart level, from w. 1 low, crude oil is working on a corrective w.2 (red). Resistance comes into play at $92.24, the .50 retracement of w.1. Once complete, a destructive 3rd of a 3rd wave is expected. Price should move aggressively lower, on high turnover and be vertical in nature. It's Game Over for Crude Oil!

Finally, at the 4 hour chart level, I've labeled the subdivisions of the recent advance (w.2). As depicted,  I'm favoring another impulsive advance that completes where w.(v) = w.(i) @ $92.47. 

With two levels of significance of $92.24 and $92.47, and if the market puts in five waves up from w. (iv) low, then expect price to react strongly down from this fib cluster. 

Note: should price not react in this manner, then the analysis is wrong

I hope you find this information helpful and 

Best of Trading

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