On this daily chart, we observe a classic "Rising Wedge" formation. By definition (refer to Technical Analysis of Stock Trends by John Magee) it is a pattern where there is "a gradual petering out of investment interest. Prices advance but each new up wave is feebler than the last" . Also we can see an irregular ABC pattern again (typical of corrective waves). As we mentioned before in Part I, the prices reached a higher time frame Resistance (refer to weekly chart around 2010). Today, we see some significant down turn for the Oil, even though there was progress during the day. As it stands at the moment, the daily bar is a "inverted hammer" in japanese candle stick terms. Will this pattern hold for the day? Is it the beginning of a down trend to 44$ levels? We shall wait until the wedge lower trend line is broken decisively and see when the price action unfolds in the coming days.