the lines got labelled up

you can see that the Wave 2 pullback came back to the upper half’s oversold level at 60%

you had to be looking for a sell, for the 0% or overdrive down level got more or less touched, and this strength measurement means that the market is strong to the downside

a turn would happen when it would start to miss the mark, like it did at the top: it went into the E-32 (in hourly denomination) upper overbought, but it did not get beyond 96%, and started making lower highs, broke into the upper oversold zone and presented a perfect sell

the recent 2 touches on the 0% mark and the next miss (looking like a head and shoulders on the 30-min) said that the market went too far, but it is still very strong to the down side (in fact, if anything, it has picked up some extra momentum)

the mean reversion took back price again into the 60-70% range before the next waterfall down

Wave 5 down is now sitting at a point where the structure theoretically could be turned into an upward move by purchasing the 40-30% range of the channel: the up move would become a qualified Wave 1 up by crossing over to the other side of Mr. Maroon and Wave 2 down would be printed with the hourly red stochastic going below 20

I personally think that the market is going to make this a 5th leg down and going to miss the 0% by some single digits and perhaps make a head by applying a beat sometime later

there is enough daily fuel to get below 1.17

the system is calling this structure an A-B-C move, and the Crack Ho is inches away from cracking back below 45 which would rule the crack above 55 section a fake out

so, that’s the other 2 balls to keep an eye on

(the liquidity break purple strike out re-enforced the move to the upside)

those projected distance numbers ARE attainable

…

who in their right mind would want to be long this?