I'm bearish on oil because 1. Elliot Waves: On the 4H, It has completed the 5 Elliot waves. It's currently in the correction phase [C wave of the ABC cycle.] 2. Triangles: I've also used the Descending triangle to show the current downtrend in the C correction 3. Fibonnaci retracements - link up well with the Support and Resistance lines of the retracement
I'm betting on it going down to $58. In the short term, it May likely retrace to $62.30 if it breaks the triangle at $61.30 mark. If it's unable to break that resistance line and stay above it, we'll be dropping down to $58. Not before trying to break the support line at $60.07 [which it has tried to in the last few weeks unsuccessfully]
Retrace to Fib level 50% [$62.30] occurred a few minutes ago in that spike. Now let's look for the dip from this. Remember that we are in a downtrend on Oil. Do not lose sight of that.