OIL has been tricky the past couple of weeks, it has defied all normal trading logic and correlation with other indexes. It seems the high rebound has been due to hedge funds placing lots of long bets and those covering covering shorts, creating a squeeze, I think PA will move up once more before the crash and it looks like this could be that setup if PA respects the 1.272 extension level and rebounds, creating the 3 drives pattern to the upside with a target at the 1.618 extension on the upside.
