At yesterday’s lows July Crude was just an inch from creating a bearish impulse leg on the daily chart. This wouldn’t necessarily be the beginning of the end for sky-high oil prices, and it could even set up a buying opportunity a couple of weeks down the road.  I’ve sketched this out in the chart, showing the hypothetical midpoint support where we would seek entry.  This price point would also be a reliable telltale to help us judge whether another major down-leg is likely.