I have a bearish outlook on Oil. According to my analysis, we have reached the end of the 5 Elliot waves, so we are most likely to see a correction now. That theory goes with the possible Head and Shoulders, and looks like we are on the right shoulder at the moment, right at the 61.8 fib. We also have great bearish divergence on the RSI. I'm bearish on Oil, at least until $54 a barrel.