Its been a long time since i covered OIL, the last i did mention that the market will drop to the 10$ mark and there will be recovery to the mid 30 once the drop materialize.
Well it looks like the market did exactly that, now lets look at what is in store in the near future.
The recovery from the bottom is labeled as 1-2-3-4-5. If this is correct, a three-wave drop in ABC can be expected before the bulls returns.
A short-term drop to 25$ seems likely and a reasonable target.