For me...a lesson was learned today ... Have to do the TA on the security instead of the derivative. Oil looks ok see USOIL chart below:
-------------------------- Futures are decisively lower after close of market than the lower trendline drawn in.
So last chance for the E wave count would be to attach the lower trend line to the B-leg wick that gives a tolerance for a drop to the 3.20. See chart below
It would take a "good" API report to bring it up closing the gap..... and go further!!!
---------------------------------------- Written yesterday before close ---------------------------------------- Seems like E is done today and wave C up can begin.
Due to the negative sentiment.... we could see a gap up tomorrow. That would spark the short squeeze needed to get oil up to target.... wave 4 of lower degree.