We've got the American Petroleum Institute oil inventory data due up at 4.30pm (and released publicly at 4.35pmET)

Ahead of that, from Goldman Sachs:

WTI formed a bullish key week reversal at the lows...

  • Having satisfied the minimum target for a 5-wave sequence from '13 at 41.58, it's really more important than ever to be wary of all signs of a base developing.
  • If this is truly 5-waves complete, then the target for a correction should be somewhere near the top of wave 4 (May '15 high) at 62.58. Would look for this to develop in an ABC type manner.

  • Within the larger degree 5th wave, there may still be an unfinished 5 wave sequence.
  • Bottom line, it could be too soon to get excited about a sustained rally. Really need a break above 50.08-50.60 to gain confidence.
  • The first level to the downside is 42.17-41.91. and then 40.48 (61.8% and 76.4% retrace of the rise since Aug. 24th). If this is in fact wave 5 of 5 lower then the next likely target is ~37.32; just a touch below the Aug. 24th low at 37.75.