Crude oil's current medium-term cycle (which started on Dec. 6) is bullish. On Jan. 15 prices made the first significant sub-cycle high in this young cycle, and they have fallen sharply from there for 5 days to today's low, which tested a strong support line at $74. A normal sub-cycle correction should last 3-8 days, so we are in the time band for a sub-cycle bottom, and we are also at the center of a strong general reversal zone at a strong support line. Furthermore, the price is now between the 15-day and 45-day moving averages which is what we like to see for a sub-cycle bottom. This looks like a good time to go long in crude oil (please see my blog on crude from yesterday). I am going to enter a long position now for tomorrow's market open. I am putting an initial stop loss for this trade on a close below the 45-day moving average (now around $71).