The last oil price crashed took 19months before it recovered (July 2008 - Jan 2009)
Is history/statistic going to repeat? I think the "manipulators" know it all
on 21 March, i had a long and silly glance at this oil chart for almost 1 day, using log scale i though the channel support around 34-35 (+ - ) could be the ultimate turning point. Anything beyond i cant tell
Oil price is settled at 35.325 as of daily closed.
As far as wick/rejection based trading is concerned, there isnt any sign of potential reversal yet,
I am not a EW fans, but that is the 12345 that i can see, just a projection which coincides with monthly channel support (interesting)
due to the bearishness of analysts, news, media, sentiment on economics, even there are calls on 10/20 per barrel, it is possible thought, but i am NOT calling it.. let the price unfold one step at a time, for NOW, no monthly or weekly wick.., and Monthly candle not completed yet!!!
i do include the worst case scenario