1. Monthly (yellow)
2. Weekly patterns (neck line in red dashed line)
As it looks right now, the neck line of the weekly pattern was broken last week. If it wasn't December and a week before FOMC, I'd take this signal very seriously.. But it is.. and I have to consider the option that we may see a huge short squeeze in oil that will lead to a weekly reversal.
The monthly is still valid and the price is very close to re-testing the X point level (also testing the spikes lower (green dashed line) – 33-35$ is now in focus as it'll play as a weekly . A breakdown of this can lead Oil prices towards the 20$ zone
40$ is now a strong and the first target zone you should consider if you intend to bet on a move.