Oil and The Breakout

The blast off of the bottom was impressive no doubt.  The bulls had enough and have converted a gigantic W.  It was a move that tore out some livers and left some guys stunned.  The real question is simple  was the low in July the end of wave 3, the high at 92ish wave 4 and the move up Friday a retrace of wave 4 and we are headed down for a wave 5 that takes out July's lows?  The alternate is this.  Wave 5 is in on the lows.  Period.  What has the count troubled is that wave 1 appeared to be in at 89ish, however the count got busted when we broke through those highs, so the alternate count is wave 1 was not in until 90.35.  If so the double bottom holds wave 2 and we are beginning wave 3.  That takes us clearly to the first target of 95.21 95.64 and the clear a=c off the bottom at 95.64.  No real long term retrace resistance until 96.22 with 99.36 a possible destination for wave 3.  I'm a buyer at 89.95, a bigger buyer at 89.39 and load the boat at 88.93, if right its the gift of the month. All dependent of the nano count at that moment. 

As for right now its a short.  Look for a a=c off the top to plop down between 90.69 or 90.63.  And it will be to the tick and a good scalp.  With a pop there of 30 cents or so sometimes early in the European session.