Timewise we could have printed the intermediate cycle low 3 weeks ago.
This intermediate rally usually lasts for 7-8 weeks. (Intermediate cycle lasts for 20 weeks)
So we have a lot of time (4-5 weeks to run...)
It seems we will not test back the breakout at 34.29
I'M HEAVILY POSITIONED IN OIL , ERX (Direxion Daily Energy 3x Shares) AND OTHER OIL SHARES ( OAS , HK , REXX ,BAS, BCEI )