Wolf

[USOIL] And it finally broke!

FX:USOIL   Crude Oil (WTI)
209 1 1
Long term support line touching 1998, 2001, 2009 and now a failed attempt to break the new 2015 test looks like it's going up:

snapshot

As we can see, after bouncing the long term support line, it tested twice, forming a head and now breaking above this recent year horizontal wave pattern.

In the previous attempt of breaking (2009), it had a similar pattern of making a head and then breaking into another higher horizontal level and then breaking above going long:

snapshot



I dont know if I agree, did you see the 200M barrels of May contracts that need to be rolled over by next week. I think it will go down as May expiration is next Weds.
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