Oil is tanking. However. Cad came out with good reports last week, and this is almost a pure pattern analysis.
The AB=CD correction has been completed, resistance is shown around 1,275, (the 1.27 extension of leg A to B.
This is a great shorting opportunity all the way back to the 38 fib level and target point 2 is set at the 61.8 fib retracement.