Inventory tomorrow will tell it all. Either we are in the right shoulder of the inverted head and shoulder, or the Stoch RSI validates that we are topped out, and need the last leg down, to not sure where at this point. Could be a short journey and time frame,maybe 38 or 35, or could extend lower all the way to 26. But, I am really out on that limb here, saying inventory build, and we go lower, with many that bought this as the bottom getting caught long, having to hedge with shorts, or ride it out, lowering the volume of trade here, increasing that volatility and price downward. Many possibilities. And we are within the deviations of the last trip downward, so... we will see.
Comment:
Regardless of where we bottom out, I think this inverse HS is the last time we see these lows for a long time. Just too classic unless something stupid happens to the markets lower, unrelated to oil, and the dollar spikes higher, again unrelated to oil, and oil has no choice but to plummet. And something stupid happens a lot in August, sept, and october, very volatile months. Keep an eye on China. They have been asleep for too long now.