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Good evening to you all,

the Lord's blessings to you all tonight.

Ok,
I think my main emotion today is summed up with the word 'phew' -
along with wiping the sweat off my brow onto my forearm!

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CRUDE OIL.

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CRUDE OIL 1hr.

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I think we can call that a 25% decline in crude in one session!
That is close to a record I think......

I am a little more confident on the short term count after todays trade,
but you will forgive me for being hesitant on absolutes tonight.
God Himself only knows what tomorrow will bring here.

There is a possible five wave pattern building off the highs,
but that will require a few more subdivisions to the downside in order to complete wave '1' blue.
So the short term pattern is a bit delicate here.
Wave [iii] down needs another leg lower,
and then wave '1' requires the same after that.
Lets just see what tomorrow brings here.

As for the geopolitical effects on this market,
Let me say something wild here.
there is a road out of this mess developing here which has every chance of crashing this market.
Venezuela is going to get back into the world market it seems,
and Iran is on the cusp of the same this week.
If this war in Ukraine actually comes to a negotiated conclusion also,
and Russian sanctions also get dropped.
then we have three producers back into the world market in quick succession.

What happens to prices then??

Tomorrow;
I will keep a close eye on a correction in wave (iv) of [iii] tomorrow.
Another step lower into wave (v) will complete wave [iii].

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