From the chart we see that back in June USOIL broke out of the lower boundary on my original consolidation wedge. In mid-July it repeated and created a new bottom boundary which I marked. In early August it retested that boundary. It appears we still have further south to go to probably the mid $51 area and it will more than likely stay within the new wedge for consolidation. I see this pattern continuing into October, possibly November before we get a new directional change. Trade cautiously and always use Stop Losses. Best of luck my fellow oil traders!