Each color corresponds with its respective color as shown in the graph. If crude remains consistent in symmetrical price decline then $45.80 - 46.xx should be a strong rebound level.
A note: There is nothing intuitive about the analysis above. The levels shown are objective symmetrical areas of supply turned into demand.
An assessment on how price could follow after, however, is less objective. Example: How far price could rise after reaching the blue level (if it does) is an entirely different argument and less clear. Price cascaded downward before reaching the original blue supply zone in December 2014. In other words, March/April 2017 seems likely to be the LAST symmetrical level that will determine whether crude rebounds significantly or makes a new return into the 30s. 42.xx may act as support, but I think only if the market flashes in the same day and rises above 45 that same day, which seems unlikely. Bottom line: 45.xx - 46.xx is extremely critical.
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THIS IS ALARMING TO ME: This chart says short oil, short swiss franks, buy gold.
USOIL VS GOLD PRICED IN SWISS FRANKS
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Long from 49.27 on 4/26
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Markets have an interesting way of doing things different from expectations. For one thing - never rely too much on trend lines. Notice how price rebound right off the blue level.
@sherrytradingview, oil is a brutal market. It is known as one of the most volatile commodities. Usually should trade it with less leverage than other commodities due to its propensity to have significant percentave drawdown and general vol.