$OIL Remains in a Positive Configuration

$OIL has historically been a terrific predictor of market crashes. Until it collapses, I see no reason to think we’re entering something other than a correction.

And in fact, it’s held up well today, remaining above the neckline of the inverse I pointed out recently. If it falls apart, I will reconsider, but until then, I must assume this is a shakeout before a markup to higher prices.

OIL

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