Using this crude index chart to forecast one possible scenario in crude. A confirmed has formed and retrace in crude is taking place now. Crude may retrace to 40.60 a barrel before the next wave. This wave will break the downtrend line and confirm the IHS taking shape now. It may be followed by one last raid before the final push to the yellow .
Today's chart is an interesting . The 1.618 fib has given way but price appears to be reacting to the lower MLH of the pitchfork. Looking at both Williams %R and RSI the shorter time frame indicators are both sitting near trend line. This is a great place for a bullish entry with stop just below lower MLH. I suspect the MLH will hold and price will begin a 100 point bull move soon or the MLH will fail and we will go bear. Lowest risk bull entry is right now.