OIL - Still watching this for a short
I'm keeping a watch on the 8 hour chart for a change in direction. We are entering overbought territory but I have yet to see clear evidence of a turn downward. It's hard to understand how OIL is decoupled from the broader equity markets that have been turning bearish. So... I wait for a downward engulfing candle or lower low and lower high. We have broken back into the old ascending channel but if we look at the current channel we are topping. Elliott wave theory currently seems to support a renewed downward move to complete the correction.
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