On the daily chart below you can see the very strong downtrend (ADX over 60), becoming a weak trend (ADX at 14.74) and climbing now reflecting a strong uptrend. You can clearly see when ADX was below 20 and Stochastics became oversold that a correction was definitely coming. Weak trending markets usually do not remain overbought or oversold for very long. You can see the correction bouncing off of $106.00.
On the weekly chart, strength of the trend looks to be just starting with ADX now at 26.9. Weekly Stochastics are mid-range and rising.
Have a prosperous trading week.
To read my market views daily you can follow me on Twitter at http://twitter.com/TrendsinFutures