Crude delivered some bullish signals.
Crude printed a bullish engulfing candle on Wednesday.
Oil printed its lowest point on Wednesday, following the day 5 peak. Wednesday was day 32, placing oil in its timing band for a daily cycle low. The bullish engulfing candle on Wednesday has good odds of signaling the new daily cycle.
Crude also formed a bullish crossover on the True Strength Indicator. A bullish TSI crossover is another signal of an impending daily cycle low.
Oil still needs to form a daily swing low. A break above 41.06 will form a daily swing low. Then regaining the 10 day MA will deliver our first confirmation of a new daily cycle.