crude - unexpected move

Luckily I was not in crude.  This sell-off, while expected on the monthly wave forecast was not what I projected on weekly and lower time frames.  I will be studying this more tonight, and likely looking for a short entry in the coming days/weeks. 
I'll post what I was looking at prior to this move.

Silver

I continue to look for an intermediate term bottom in silver, but it now appears to be in an ending diagonal of the fifth on intra-day time frame.

I expect a resolution with a couple days at the most.

XOP

Oil and Gas exploration

XOP has likely resumed a long term bear market which began in July of 2007.

Five waves down on the weekly completed on in early October, and after the bounce, there is a new five waves down on the daily which just completed on 4/23.  This should begin a third wave down of minute degree.
As the 4H chart shows, I think we could get a mini rally as high as 57.64 before the bear market resumes.

          

Gold May 9

STEC

Posting this for a friend.  Looks pretty bearish short term.

Super long term, it's trying to complete the fifth of ((C)) of Y on the monthly for a possible end to the entire complex correction starting in 09.  Intermediate term (weekly) and below, it's far from over in my eyes.

South Korea looking bearish

My scans have been warning me about EWY, which is the ETF representing South Korea.

The waves are telling me that EWY has begun a new bear market of likely primary degree.

Five waves down of intermediate degree completed in October of last year (see the weekly chart), and a second wave up followed which appears to be completed as of the beginning of April.  Since that time, there is another five waves down of minute degree  completing on the daily chart, followed by a minute wave ((ii)) which completed on 4/30.  Now as we go to the hourly time frame we have five waves down of subminuette degree which should be completing in the next day or so.  This new impulse wave should mark the beginning of a third wave of minute degree, which will ultimately complete larger and larger degree waves until primary wave III is complete.

On a separate topic, I wanted to point out some interesting things about these charts, and why ultimate it's very difficult for charting software to count waves properly.  If you notice on the monthy chart, the downturn starting in May of 2011 looked like three waves.  You need to look at the daily chart to see that it's actually five.  Similarly, intermediate wave (2) on the weekly is not a simple a-b-c and it is necessary to drill down to the daily time frame to see what's going on. 

May 3rd Update

Nat Gas

There's a fibonacci cluster right at /NG 2.08, which should complete (2) down likely today.