This is 1000/usoil chart which is more clear than usoil to tell us what is going on. After the quick decline in the first half year of 2016, 1000/usoil is in a large triangle correction. The wave E is going on now.
We should see a rise for 1000/usoil to complete the wave E which means usoil might have a drop in following weeks.
Good luck for everyone!
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1000/usoil has chance of breaking down the neckline and starts the rapid decline without wave E. Buy the pull back of oil is more wise. Trade in long-term is more profitable.
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Pay attention to the decline channel.
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Oil's move is quite confusion currently. If you are a long-term trader, I suggest waiting for the pull back to go long. If you are a swing trader or short term trader, I see a quick pull back in short term.
Good luck!
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It is going to break out of the wedge.
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It is in a wave (C) down. It should contain five waves. Target is around 48.8, if it can break out of the wedge.
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Really choppy oil. Pay attention to the support line and resistance.