I think we still have more room to go down. HOWEVER, 42 should be looked at for a place to bounce a little in my opinion. Current position is a put calendar via $USO long February 9.5 and short April 9.5. If April puts are assigned before or at expiration I will then sell calls to create a covered call position.
Trade active:
Sold feb calls and rolled out and down April $8 strike
Comment:
That should have read sold FEB 9.5 ***PUTS***
Comment:
This is why I find fibs intriguing