Crude Chops Lower- for now.

I've been negative on WTI since early May, see May 12 post WTI Hits Target etc.
I believe it still has a couple of bucks of downside in it, but so far, the move looks corrective and choppy, rather than a new primary wave down. (How that fits with a VERY negative outlook for world equities I don't know .)

click to enlarge
Meantime looking for continued weakness to the .618 retrace level, nearly c=a, and then I go neutral.


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