Update 10:58AM: The lower channel line is again supporting prices. The market deems this important.
Update 7:53AM - Putting a count to the futures to match the primary count in the cash index. Rarely it seems does the market form a classic "rising wedge" anymore. I suspect because a wedge is a widely recognized chart pattern and its effectiveness is therefore limited.
Instead, there seems to be a preference for the slightly expanding ending diagonal patterns instead of classic converging wedges. At least that been my observation of looking at every squiggle for the past 3+ years.
Corrected the oil chart from last night. I had the beginning 1 and 2 in the wrong spots. Although I always remember WTIC's low was in 2008. Regardless, I adjusted the count.
Maintaining the channel. A break of the lower channel line will clue us in that things may be changing.