On my last post I indicated that I thought we may have a bounce around this price range so yesterday I took some profits on my short position ( DWTI
). I also redrew the long term down trend line
and lowered my stop to 43.80. We are at a .38 correction level so there is a chance the correction is over but I favor more likely there will be some bouncing around here while the us dollar
is falling then one more drop in oil
to the .5 or .62 level of correction. We'll see.