[CJES] update

The oil patch has been on a tear but I would not buy the peak because the bounce seems corrective to me.  I now model this as a 4th wave rising wedge (WC4) which will likely fill the gap as shown with its corrective bounce to the level of the prior 4th.

I suspect this will throw over, break down both the upper and lower rails and then put in a real bottom with a 5 wave move down.  Caution is clearly indicated until such time as we see something motive play out.  That could still happen but the wedge shape decreases the odds that it will IMO.