As of now, the recent bounce in /CL (crude oil futures)off the second price target (T2) still appears to be a counter-trend rally in a downtrend with another leg down soon to come. The next sell signal/objective short entry on crude oil will come on a solid break below this 60-minute uptrend line. Various proxies for trading crude oil directly include /CL, /MCL (micro crude futures), /QM (MINY crude futures), USO (1x long ETN), & SCO (2x bearish/short crude ETN).
CL 60m July 23rd