80% Chance OIL Will Drop Soon

The range-bound oil may break very soon, I think within 1-2 weeks. I rate the probability about 80%.

Since oil and SPX500 have good correlation for the past 10+ months, SPX500 will likely have a small correction too.

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At this point, a truncated wave 5 is likely though not conclusive yet. Or the original count is simply wrong.

We simply have to wait and see.

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The bigger picture though it's still valid and maybe even more promising.

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Break up or break down? We will know by the end of this week.