Crude is down nearly $4.00 from Sunday night's higher gap open (what a sell). With the 51.50 gap now closed without an immediate rebound, I'm bearish and see it going to 49.25. Perhaps Thursday might see a small rebound but I'll be looking to sell rallies, especially if I can get a level near the trendline drawn from Sunday night's high. Downwave will be intact until that line is violated.