Do equities crater in China, does the USD continue it's move up? These are the factors.
CLU15 Contract
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CL Nearby
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It does look like a potential 5 waves down. It IS oversold. But there is no real positive divergence on the RSI, something good to have in place for a pivot.
So far no evidence of impulse wave up structure, it looks more like an abc corrective structure.
However the short term can evolve and there is a .78 retrace on the above nearby chart.
Jack be nimble.
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