USOIL Update

Unfortunately, the recent breakdown in debt-ceiling talks is likely to force the price to fall more before rising higher. If the count is right, wave should be short and sharp, taking the price below 70 and then immediately rebounding.

On Monday, there will probably be an opportunity to cut long positions and reenter at a more advantageous time later on in the following week.

The ultra bearish bets on oil decline in my contrarian mind speak in favour of the surprise surge as it often happens.