Trading activity in crude oil futures will soon switch into the September contract. I've transferred the $4.90 price boxes defined in the August contract over to the hourly chart of the September contract you see above. I've also moved the blue line indicating the 3/4 division point of the $40.40 to $70.40 price box into this chart.
I think September crude will soon move down to the 1/2 division point of the next lower box. This is the same target I have been using for the August contract, so I am guessing that August will move below that level at the same time.
As you know I think crude is in a long term bear market which will move the market under $30 over the next couple of years!
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