Oil Will Fall To $35 Per Barrel by EOY

In 2018 we had a drastic initial fall of oil from $77 per barrel to $42. We completed the .702 retrace back to $66.50 earlier this year and are now building a descending triangle for the next leg down. The initial target of the triangle is to $34.50. However, our final target is likely much lower... below $10.

Here is my previous warning on oil that I published on October 22, 2018, titled: "USOIL is Still in Crashing Pattern Since 2008"

In this idea I identified the exact bounce spot of oil , and I mentioned that we would need to wait for a setup to identify it's next move.

Well, we have it. It retraced the fall, and built a descending triangle . It's going lower.

Idea is invalidated if we break above $61.

Good luck.
Comment: It looks like an avoidance of the crash has magically shown up. Interesting times are brewing in Saudi Arabia.
Comment: It can reject from here: