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The situation with oil has not changed since doing this analysis. So no updates this week.
We broke the KS pivot .. no acceleration
Be careful bulls .. it looks like I might be right and they are preparing a bull trap for you
Also, on the daily we had another bull trap and a break of the lows.
I don't trade oil, but if I did .. I would already be short
and don't forget the rail road tracks (mirror bars) on the daily also
The KS stretch zone held perfectly for now. How far down will we go?
OIL, with the rest of the commodity complex, printed a 7 Year Cycle Low. We are definitely no longer in a bear Market regardless of what the news is telling us ie; oversupply and whatnot :o) I see a pull-back in the short to medium term but we're definitely heading to $60 before this Intermediate Cycle tops. Keep up the good work!