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The Power of the Pattern shared that the most important commodity in the planet (Crude Oil) could fall to at least $70, this was when it was trading above $90. (See post here).
Crude reached the $70 level and didn’t even pause, falling much further in the $50’s.
Yesterday Crude Oil attempted a rally and ran into a short-term resistance line and created one of the larger one day bearish wicks it has experienced in a while. This has not happened over the past few months, while Crude is experienced the second largest one year decline in the past 40 years! (see chart here)
IMHO, Crude needs to find a low soon or its impact could be felt on a global macro basis.