A bearish continuation is most likely at this moment when taking into the account the massive bearish momentum. A break below the support trend line (green) could see price continue lower with a new low and move towards the Fibonacci retracement levels. As long as the downtrend channel stays intact, price is expected to move down lower but be careful of round support levels like $50.
Oil is showing a strong wave 3 (pink) after completing a 2-year long correction at the recent high. The bearish break below the support trend line (dotted green) completed waves Y within wave 4 (purple)
