Oil has been consolidating in a range since emerging from the day 30 DCL — until Tuesday.
Oil broke bearishly out of consolidation on Tuesday, breaking below the previous daily cycle low. Breaking below the previous daily cycle low forms a failed daily cycle and continues the intermediate cycle decline. Oil is currently in a daily downtrend. Oil will remain in its daily downtrend unless it closes back above the upper daily cycle band.
Cycle Trading 
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