Oil is a worthless liquid

With global growth slowing down, with oil production being really hard to restrain and with lots alternative sources of energy being able to be exploited, oil is no longer black gold. Especially if the US stops bombarding other countries, while Iran and Russia move of the Petro dollars, then things could get even worse.

Technically it looks tragic. It could actually take some time to revisit the 10-25$ range (hence I created the orange waves). No matter what fractal you take, these big sudden drops usually don't stop easily. Oil's bubble popped and now it could even revisit some old levels where real support and the VP HVN lies.

I am not a fan of Elliot Waves, I just used them to show my point and what could be lying ahead.