Usoil may have peaked for at least a few months. Any higher than 124 and I'm wrong, but very few people are thinking we are about to embark on a C wave down. If this is true Oil will start to underperform the SPX.
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so far so good, the idea is negated above 123
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USOIL/SPY chart, weekly candle will be important, so far looks good for bears.
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Doubletop, reaction from here will be very important. Stops at 124.50
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So far 123 is holding, needs to get impulsive so more sellers start to step in on bounces. we'll see.
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looking good for bears
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needs to break channel and get down to lower bb, then it would be more clear that the direction is changed.
