Large break is soon to come.
Running out of steam. Even bulls speculating on monthly dip. Support levels are laying perfectly but the long term support that has worked so well will break down soon . Such a strong ascending wedge in ~5Mo (more recent bearish flag ~1Mo) will mirror the strength of the collapse once this breaks.
Definitely don't see oil at 330/B again as the reversal appears definitive however as this bull market has gone so long so fast, we could see another ~15% drop at around 550/B and that action could be seen in the next week or two.
Remember, Saudis and others will continue to pump to both desperately mitigate deficits and to take market share for their long term stability. Reversal will continue but too fast too soon will produce a correction.
Play it accordingly.
Backed out of longs and will hop on a short in the following days as charts respond visibly to technicals.
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