WallStScalper

When USOIL SNAPs Back you'll "Dance to the Rhythm"!!

NYMEX:CL1!   Light Crude Oil Futures
Almost there ... have your dancing shoes ready!
The question is...... at fib 78.6 or the 88.6 fib retrace?
I'd say we'll very soon see a bounce (remember it's a monthly chart) and a possible retest a little lower at around 42.
BUT could make a possible bottom here.

The instrument is right now more oversold than ever before when looking at the the monthly RSI but a flattening has started.
For finding a similar oversold situation you have to go way back - to the 86 crash to see same RSI level.
Safe trading ladies and gents!

@BLawrenceM

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It was the 88.6 retrace...and I see the bottom is in.
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