Bottom hunting Oil using Fibonacci

FX:USOIL   Crude Oil (WTI)
63 0 0
These are some observations I made using a combination of Fibonacci time zones, retracements, and pivot points .

-Currently the S1 pivot got broken and the next target is $36.89.
-The bottom price for oil             during the last recession was in 2009 when oil             hit
~$32.70 a barrel.

An issue with these low oil             prices is that it will damage the economies of countries who are very dependent on oil             revenues. This means that there could be higher unemployment in these countries, which would lead to slowed economic growth which equals less demand for oil             . If demand for oil             drops, the price will possibly continue to fall. This will cause further damages to these nations. Could further declines in oil             combined with a global sovereign debt crisis (especially in europe) cause the next global economic recession? Quite possibly. Lets hope October this year, historically a rocky month for stocks , doesn't cause it!!
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