Viking83
Long

Oil is getting close to its daily cycle low

TVC:USOIL   WTI Crude Oil
59 0 4
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.
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