Chart of the day

Oil is nearing a test of 73 level which is a strong level of the upside resistance for a reversal higher.

A confirmed break above this resistance and 76 after that is required to confirm that the recent downside five waves are in termination and the minor Elliott triple combo wave in the consolidation triangle is near a break. A break below 65 is required for the invalidation of the upside reversal. If we do not see a break above 73 now we can see another test of 68.30 near-term, either way, it is expected that these 5 downside waves short-term in the descending wedge will be finished soon.

Long trades, you should open only upon a confirmed break above 73. Be patient and careful both intraday and long-term as we will see a directional break soon