[CLB] update

Originally I had counted Core Labs as having a 3 wave pullback to the 50 fib from its all time peak.  We did see the expected bounce but at the backlink I started worrying that the bounce itself had turned into a 3 wave move to the level of the prior 4th.  Here is the model I provided back then.




As you can see, blue 4 did hold as a peak, then it put in 5 waves down into late May.  It bounced into what is very probably a right shoulder of a H+S pattern into mid June and has since come back down to test the neckline.  If this breaks down, and it appears that it will, we will likely see a gap down occur in here soon as 3 of 5 (or 3 of 1 of 5) plays out.

I would not own this here folks.  I would wait for it to go down 5 wave and then buy in heavy for the trip back up to the level of the prior 4th (which is now fixed at $135 in this model.).   That would be about a double from the new expected bottom of $65.

CLB better hold this line or I fear that oil will eventually go much, much lower.  This H+S is not confirmed yet.  I have seen them recover and prosper from here.  Right now it's just a possible H+S, well worth watching that neckline for breakdown.