The Oil Service Index (OSX) has been in an up trend for several years however the last significant move upward appears to be the final Wave of a longer term 5 Wave pattern that began in 1999. The key support level to watch in the coming weeks appears to be near 240 which was the peak of Wave 3. If the OSX can hold support above the 240 level then it still may have some upside left in the longer term. However if the OSX fails to hold support at 240 then this could lead to an ABC correction with an eventually drop back to the bottom of Wave 4 near 170.
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[Source: The Money Blogs]
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