As you can see on the hourly chart above September crude oil futures have dropped to the bottom of the current box which was my initial downside target. Now we shall see whether or not the bulls can take control again. If the market is as weak as I think then it won't rally more than a dollar before heading downward once more.
Tomorrow I shall switch my analysis to the October contract so I've put a chart of this contract above this post. The boxes are at the same price levels as those in the September contract. The market has dropped to the 1/2 point of its current box but should not rally past the top of that box.
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