Oil is getting close to its daily cycle low
See chart
Comment:
Seems that 38.2 could not cope with the falling of the stock markets, the strong USD and the weak inventory reports. It is likely it will visit the 50 % level at about 45.3. But the bigger the fall, the bigger the next leg up.
Comment:
It turned at day 10. The cycle corrected to about the 61.8 retracement - indicating a quite bearish stance due to bad reports, strong dollar and correction in the markets.