Above this post is an updated hourly chart of October crude oil.
I think a bear market has started in crude oil and will probably carry the market to the bottom of its current long term box near $40 over the next couple of years.
Meantime I think the market will drop to roughly 65.00. a bit below the 1/2 point of its current box near 65.40, and then rally a couple of dollars before heading lower again.
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