I think this has to be near some sort of bottom. We havent seen prices since 1999 and I personally dont believe that oil settle at this prices forever. Economic activity will come back.
Im calling a bottom of $12.30
I cant shake the feeling that this one declines substantially. We didn't consolidate enough according to the longterm outlook of the chart, and according to the current setup, it looks like we might sink for a full 4th wave consolidation.