Brent oil forms a similar structure with CLM2016 (us oil contract at June):
1) Retrace 0.618 of last bearish wave and came to a big resistance zone 2) A wedge pattern forms for the retrace; 3) A butterfly harmonic pattern was completed; 4) A divergence was shown on the indicator;
It is a nice selling setup with SL at around 44.1 and TP at around 40.6;
Note: If the price breaks out of the resistance zone, this analysis will be invalid.