USOIL Update

We stick to our base case, which we've been tracking since January, the market may experience a significant retracement before resuming its upward trend.

As previously stated, the market appears to have formed a double top with negative divergence against the RSI indicator, and after a modest bounce on Monday, it could fall to everyone's surprise.

Comment:

The rationale for the 4H chart is based on the fact that what are labeled as waves a and b subdivide into wxy double zigzags, leaving little room for my counts.

Another argument is a strong resistance trendline that calls for a retest. Other analysts may claim that there is a breakout with no return. I would respond that there was no consolidation before the breakout, so the restest is likely.