Looks like Oil may take a 2-3 day breather for a tiny correction. been a good run negating the believe that its going to fall on a major cycle change.
However, with the report tomorrow and just low volume it may just correct for the rest of the week.
Turns out you might want to consider revising your cycle scales.
I say this because since the beginning of summer reset. scales have been rather hard to figure out. there is a new normal. todays bullish action was a clear indication Oil is going higher and I am now convinced the end game is the 50MA on the monthly.
which lands right around 61ish right now. ...
Decent amount of Headwind at 49.72. probably going to go for the lower pivot tomorrow. I saw some hedging candles and PA action this morning.
still think the 48.50 Options are going to strike before the next leg up