USOIL is recovering, or at least has stopped going further down. Currently consolidating in a $3 range B/W 49.40 - 52.30 in last couple week (check Magenta rectangle).
Currently trading at 59.02 (19.30 pm GMT+5.30) which also happen to be a strong resistance from the current level. If it breaks the asset will go into a buffer zone as we can see a DOUBLE BOTTOM is...
The weekly is favored turning up above 26.34 lows from 2/11/16 & the daily is turning down against the 77.01 highs from 10/3/18. Nearer term while above the 49.30 lows where the 4 & 1 hour are turning up it can correct the cycle lower from the 10/3/18 highs.
The pair ended a cycle in wave (1) at .8276 where the 4 is turning up. While above the .8421 lows where the hourly right side is up it can see a bounce correct the cycle from the .9331 highs from 8/12/2019 where the daily is turning down.
Crude is favored ended correcting the cycle up from the 12/24/2018 lows at 51.05 on 10/3/19 where the 4 hour is turning up. The wave (1) cycle from the 10/3/19 lows has ended at 65.68 and while a bounce fails below there expect another swing lower to correct the cycle from the 10/3/19 lows.
Crude is favored ended correcting the cycle up from the 12/24/2018 lows at 50.99 on 10/3/19. The 4 hour is turning up from there. Ideally while a pullback remains above the 60.62 lows where the hourly right side is up it can see the 66.00 area in wave (1) cycle from the 10/3/19 lows.