Technical Analysis:
U.S. oil experienced a significant downside move yesterday, and the overall structure is now approaching a crucial support area. According to Elliott Wave analysis, the correction is nearing its end, with momentum indicators suggesting there may be a bit more downside left before this phase concludes. The 69-68 level on the daily chart is particularly important. While this area may present an opportunity, it's advisable to wait for more aggressive long positions until further confirmation is seen.
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