Oil has X the 40 wkma. This is fundamental to any -10% correction.  So global liquidity is starting to dry up.

The OFC model :

Oil has now X 40wkma

Fed Rate raises Sep

Calendar Sep after holidays

With a Sep correction, Jan will also follow on. Also the tremor of 2% pullback occurred in Mar-Apr. There’ll be another pullback Jun-Jul as well.

And of course, oil crossed the 40wkma.  The first time since Jul 2014.