Oil prices reached a crucial Point of 37 dollar range as I have predicted a long time ago almost at the very beginning of this move from the end of the fifth wave (indicated in cyan on chart). Now we have a nice ABC formation and the price hit the very strong (green box above). I expect the price to go down from this point. I cannot give you a timing. The price will either spend some time around the 36-38 dollar band and will eventually exhaust itself and it will go back down. This scenario is the most likely one IMHO. This scenario also coincides with the USDCAD pair bounce-back. Time to consider the bulls in this pair. Shorting Oil could be premature at this point. Wait for a strong signal into the zone. Good Trades and Luck.