Not too many things happened the last few days. The rally seems to be slowing now. Though we are printing a higher high again I stll see the divergences in the indicators. I don't see any reason now to jump on board at the long side again. I would like to buy oil again when it's moving down into its daily cycle low to the 300 . ( Last DCL was printed at the 300 so I'm watching that again.
It would like to be nice to tag the 2015 intermediate high at 50.89$ and move down to the DCL from there.
I think that the the weakening dollar in the following days could help oil to bounce to 51$ and after that we could see the decline down to 44$. That would give us a perfect buying opportunity.
Holding ERX and individual oil shares.
That's why I told you there is no need to rush with shorting oil.
Not too much happened in the last 2 weeks.