NYMEX:CL1! Light Crude Oil Futures
Oil looks here on a macro timeframe. It broke down through the upward macro sloping around Aug. and then thru the 50 dma in Sept. and has been in a downtrend ever since then. The fast decline and mkt. caught many by surprise. Oil is currently showing a macro 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 always........watch for confirmation.
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.