USOIL - Ready for ReboundWTI CRUDE OILTVC:USOILVIAQUANTOil is currently sitting at one of the most structurally significant levels of its current trend. In this post I will not be going over the fundamental reasons why oil could rally from this point, but I will be laying out the market structure that those fundamentals will likely align with. For a more zoomed out perspective on the structure I will be examining, view my weekly chart here: Let's start with the falling wedge structure (outlined with the orange trendlines). This structure has played a pivotal role in oil's price action since late 2023. I outlined it as one of the key factors before oil's almost 100% move following the Hormuz closure in March 2026. You can view that idea here: Now that price has completed that move by topping at the 1.618 extension level, it is important to examine what oil is doing structurally right now. Oil has been perfectly holding the top of the falling wedge structure as a new level of support with the candle bodies. At the same time the CM indicator is printing an accumulation signal that is likely to precede a rebound back to the upside. The RSI is also primed for a rebound, as long as it can break back above 30 while price continues holding above the top of the falling wedge. If this occurs, an upside move becomes very likely. It is difficult to pinpoint exactly where the next high will form at this point, but I have a few potential scenarios outlined. If/when oil does rise from here, watch for either the red trendlines to play a significant role or the 0.382/0.618 Fibonacci zone of the current trend. Another thing worth noting is that price has fully retraced the entire move triggered by the US/Iran war and the Hormuz closure. USOIL's high on February 26th was $67.83, and the low of the July 2nd, 2026 candle was $67.04, with the candle body holding above that level, opening at $68.03 and closing at $68.45. This could be another signal that the current downside move has completed and oil is likely to rise back towards some of the targets mentioned above. The invalidation for this idea would come if oil begins closing candles back inside the falling wedge structure, especially on the weekly timeframe. If that occurs, oil has much further to fall and will continue plunging into oversold conditions. At this point that remains the least likely outcome, but I wanted to prepare you in case we do see oil start closing candles back below the top of the falling wedge.