Unless and until Oil breaks below the Sep 1 low at $43, my medium-term pattern and momentum work argue that all of the action off of the June high at $51.67 represents a major digestion period within an incomplete recovery period off of the Feb low at $26.05, which projects to $60-$65.

With the foregoing in mind, heavy and important support resides between $45 and $44, which so far has contained the selling pressure off of last Thursday’s (Sep 8) high at $47.75. The longer Oil holds in the $45-$44 area, the more likely my medium-term bullish set-up will begin to unfold in the days ahead — a thrust to new Feb-June highs above $51.67 towards $60-$65.