I am bearish on oil until price 30.00. I think that we are in corrective waves, and also possible Bearish butterfly in the making. If oil reaches the price of 30.00 and holds we could see big up trend, test of 50% fib and 1.618 extension and completion of butterfly.
Looks like completed bearish shark pattern. Looks like uptrend loosing power. Maybe hacks steal was the trigger for down trend.
On 1H chart we broke 240 MA, made pullback. We are on top of trend line, third attempt. If it holds we could go down.