Oil is currently in a daily uptrend that is characterized by highs forming above the 10 day MA and lows forming above upper daily cycle band. It will remain so unless it closes below the lower daily cycle band.
Oil formed a daily swing high on Thursday. Oil had become stretched above the 10 day MA, so minimally oil many need to consolidate in order to allow the 10 day MA to catch up to price.
The previous daily cycle was stretched at 55 days. Often times a shortened cycle will follow a stretched cycle, which allows the cycle counts to balance out. If oil delivered bearish follow through and closes below the 10 day MA that would signal the daily cycle decline. Then a break below the (black) intermediate cycle trend line would indicate an intermediate cycle decline.
Cycle Trading 
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