A Short Update on Crude
The setup that ATEC was following since early September did eventually manifest into an impulsive move in crude overnight above the cited resistance line (see the green area in the image below).
We suppose prior to this, a combination of low oil and gasoline inventory figures in the U.S. and other countries created a slow-boil in bullish conditions. Perhaps it took the outage post-Ida to catalyse it.
From here, we will be watching for continued momentum towards the top-side of the channel, possibly a wave five move (in Elliot terms). Many related names to express this.
Have a good day.