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New Upleg for Oil?
My hourly pattern work in nearby NYMEX crude oil futures indicates that the structure of the decline from the July 7 high at 99.42 into this morning's low at 93.55 exhibits a completed corrective leg. If accurate this also means that oil has initiated a new upleg within a larger recovery rally period off of the June 27 low at 89.61 that projects above 99.42 into the 101-103 target zone.
Only a decline that breaks 93.55 will invalidate my current outlook, which is also bullish for traders of the US Oil Fund ETF (USO)
