1. it's at a support area .
2. Once it breaks down, the length of the downtrend would be twice of the length of previous uptrend(it's 12.75 points as shown in the chart),
so the length might be around 25 points, between 77 and 78.
The yellow rectangle is a strong support area.
1. Once it's valid,, price may test the upper resistance line again, but i assume it would fail in high possibility.
2. Once the price punches the area, it will test the red support line again.
Considering the former idea i've posted which i attach below, the line might be punched the first time since 15 Jan., and...
1. still in the bull trend, without any big pullback
2. the recent bars look so familiar to those of 16 Nov. to 07 Dec.
3. its pullbacks stop either at the support line or ai the former tops.
1. CL1! has ended a 9 days' sideway
2. the bull trend began at the end of the sideway, and quite tight!
3. there may be a little and short-term sideway below 54.22, then surge again to punch the dense resistance area (54.22-54.55)
so Long CL1!