has been trending down for a number of months and is prepared for a fair correction of the down trend. I picked the bottom when I spotted a tell tale EW pattern the Ending Diagonal
, see below. After USOIL
rallied impulsively to around $53 it corrected the rally non impulsively. This can therefore be considered either a primary wave, or a wave A of a larger correction. One can expect even in a bearish
case a rally to around $60-$70 per barrel from this level.