Looking at the longer term picture of oil I am about 50 % comfident it may be reversing soon. There has been am a-b-c correction where a=c. We have encouraging RSI/ROC signs of a reversal. There appears to me to likely be a formation forming.
I did this first post late last night. In reviewing it this morning I realize I I did the triangle incorrectly. Above is the way I have been counting it on earlier posts the last couple of months and I believe is more correct. With today's drop c= 1.6 x a and the price level approximates the possible right shoulder. We will happens tomorrow.