Usoil may have peaked for at least a few months. Any higher than 124 and I'm wrong, but very few people are thinking we are about to embark on a C wave down. If this is true Oil will start to underperform the SPX.
Note
so far so good, the idea is negated above 123 Note
USOIL/SPY chart, weekly candle will be important, so far looks good for bears. Note
Doubletop, reaction from here will be very important. Stops at 124.50 Note
So far 123 is holding, needs to get impulsive so more sellers start to step in on bounces. we'll see. Note
looking good for bears Note
needs to break channel and get down to lower bb, then it would be more clear that the direction is changed. 
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.