Oil Left translated on the last Daily Cycle but did not take out the previous cycle's low as expected. It also did not close above the 10 week MA after making a swing low last Friday. This leads me to believe we are seeing another Daily Cycle within this extended Intermediate Cycle, which should also left translate, and this time, move to a lower low, taking out the low seen on August 15th. This would then print an Intermediate Cycle Low, and likely a coinciding YCL. If we close the week in the 70's, I would be skeptical of the bearish sentiment then and have to think that the Intermediate Cycle bottom was printed on Aug 15 low; however, at this time, this is not my belief.
Order cancelled:
Oil's bullish behavior (last 2 days) would indicate that this Daily Cycle may be still be in the late stages of the Intermediate or the Intermediate Cycle Low has printed and we are in the 1st Daily Cycle of a new Intermediate cycle. Either way, it would appear, after a small correction, we should see a new high here again.