USOIL Weekend Update 📅

The price has completed the ending diagonal and is bouncing hard from a very strong level of support. I expect the bounce to take wave c to 80ish level before reversing and heading for new lows. Once the bounce is complete I will revisit the count on a higher timeframe to make sure it is not flawed and the market is still in bear mode because it does not correlate with stocks (though nicely correlates with metals).

This situation is not unique though. Since 2012 US stock market rallied whereas commodities and precious metals declined. I suspect we will see the repeat of such divergence soon.