Lybia is cutting production and shutting down two ports -- will it be the start of reaction?
And yes, the end of any rebound will be recognition of the fact that Crude oversupply hasn't stopped.
Looking at 2008 drop event one sees the furious pull-back, but we didn't have any as yet. I think that we need one for bears to get recharged for lower low.
It looks to me that the whole pull-back consists of sequence of ABCD's having as a mid-point consolidation in the form of pennant or the likes,
Another point is that Vlad wont be left alone that easy, and that could be the factor for manipulated push down too.