USOIL - Next Leg Down Coming Up

USOIL appears to have completed an ABC running flat continuation pattern.

I did initially think a bounce may be on as it drifted sideways but the first star followerd by downside acceleration showed that the dominant trend has probably re-established and its to the downside.

Second star shows upward pressure is too weak to hold as it did before.

Hugging the 200DMA second star finding resistance.

I think this will get going down the hill again soon and a 1:1 fib extension will take the second leg to $76.

XOM short linked below.

Not advice.

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Two shakeout reversal patterns in the end which seems to happen at pivotal moments - through the 200DMA.

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Monthly looking bearish AF - very high probability this crashes to at least $50 perhaps even $30 and no point in talking much more for now.

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Last support - Big fall once it breaks.

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Star re-test of support now turned to résistance. Heading down.

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Re-tested and rejected from previous resistance

And it bounced at the 1:1 fib from the 3 previous pivots.

If this fib fails it should collapse to the 1.618 @ $72 I think.

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Another bounce along with everything else today except for DXY.

This 4H50MA should be a good test to see if the trend is flowing. If it is going to be as simple as another wave down and also if its a capitulation wave which I thought it might be then I think this MA should hold.

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USOIL has reversed at the 1:1 so it may be about to form a right shoulder LPSY. Oil shorts covered.