Oil Macro Look - Bearish still possibly

NYMEX:CL1!   Light Crude Oil Futures
Oil             looks bearish here on a macro timeframe. It broke down through the upward macro sloping trendline around Aug. and then thru the 50 dma in Sept. and has been in a downtrend ever since then. The fast decline and bear mkt. caught many by surprise. Oil             is currently showing a macro bear flag pttn. w/ tgts. being in a range of 27-16 lvls. depending on where you draw the top of the flag. It looks like Oil             is currently consolidating and will prolly do so for a few months before continuing lower. As volume for confirmation.
Pattern turned not valid once it went past stop area. Bullish is the case for oil now.
Agree with aeryanet. Just look at the correction movement it did back in 2009. 16 is pushing too much.
aren't you a bit worried over a possible price correction. This bearish trend looks exhausted, at least for the time being. Here is my L setup
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I think it will prolly just consolidate and could go higher to around 52 or 55 but think it will overall the trend is down and it will consolidate for a 2-3 months and then continue back on the downtrend to hit $20 something oil price. The trends just stack up in favor right now..........Euro, USD & Oil all consolidating right now before prolly continuing their trends from before. We also have a market that is and will just get more volatile in the next year. I do like ur chart for short-term price correction only that I think it goes to around 55 or so for the top.
mohamedrussel djflowmaster
yes but you need to know that the price now is on 100 sma daily and cant broken on 10-4-2015 what do you think
nice macro analysis !!!
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