November 14th Update

E-Mini's potentially appear to be tracing out a triangle pattern.   A triangle always precedes the final move of one higher degree, meaning we should get another push higher soon.  Short term, we are heading lower.  The subminuette degree wave c should not be exceeded to the downside for this wave pattern to be correct.  A final A-B-C move down will likely complete wave e, unless it extends.  If it does extend, this is still a contracting triangle, so the result will be net sideways.
I should note that one of the things that bugs me about my labeling is the fact that my subminuette degree wave a is truncated.

As an aside, for you Ellioticians out there, notice all the signs of alternation in this triangle.  Each leg of a triangle is composed of an A-B-C or an A-B-C combination.  Notice how sometimes the A-Wave is a larger structure with clear five wave subdivisions, as in the case of subminuette degree wave a above,  and other times it's the C-Wave, as in the case of subminuette degree wave d.  Also notice how subminuette degree wave b differs from the others by extending into a zigzag combination, and additionally how the A-Wave of the 2nd zigzag in the combination is a leading diagonal.
This structure is a beautiful contracting triangle if it plays out, and I plan to include this on my education page, since I think it adds some valuable nuances to what is actually covered in Frost and Prechter's book.

In summary, let's watch this move lower closely, and see if it stalls at the lower trend line.

Update: 10:18am

Crude futures: /CL

Crude just completed a five wave move, intra-day.  A 4H chart is shown below. 

Looking at a bigger picture daily chart, we can see that the move up from 10/4 lows is three waves.  Either the move stops here, in which case it's an A-B-C retracement, or we head up once again to complete five waves. 

My bet is that after a small correction we head up for one more move higher, completing five waves.  See below for Weekly and Daily charts side-by-side.  On the left I show a weekly view.  The count I show below is now the only count that makes sense to me.  The second wave down (the wave following B) is the shortest wave, so it has to be a first wave.   The recent rally/retracement off of the 10/3 lows is too strong to be anything but a higher degree retracement of the entire down move (or a new bull market, but I put the odds of that somewhere near zero).   The conclusion that leaves us with is an A-B-C down move where the wave ((v)) of C is truncated (see the right picture for the final fifth wave down).  The fact that C ended on 9/19 prior the the actual low also implies that the next two waves shown in red on the right are A and B of an expanded flat.
So to summarize, we had an A-B-C down, followed by an A-B (making a new low) and three of five waves of C up which will eventually retrace most of the move down going back to May 2.  This entire formation going back to May 2 appears to be the early stages of a diagonal pattern moving downward.
If all this is correct, we should get some selling from here, terminating somewhere in the area of the fourth wave of one lower degree, or around 89.19 area.  Following that, we should head back up one final time to complete a five wave move.  Ultimately, I am targeting 100.65 for the top in crude, which is the 61.8% retracement of the whole A-B-C move down, and high of wave ((ii)) (not labeled) of C down.