When USOIL SNAPs Back you'll "Dance to the Rhythm"!!Almost there ... have your dancing shoes ready!
The question is...... at fib 78.6 or the 88.6 fib retrace?
I'd say we'll very soon see a bounce (remember it's a monthly chart) and a possible retest a little lower at around 42.
BUT could make a possible bottom here.
The instrument is right now more oversold than ever before when looking at the the monthly RSI but a flattening has started.
For finding a similar oversold situation you have to go way back - to the 86 crash to see same RSI level.
Safe trading ladies and gents!
@BLawrenceM
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