40–50% Decline Possible for Crude Oil

Light Crude Oil Futures broke below a descending triangle and re-tested the breakdown level on volume twice as high as the 50 day moving average (daily chart). I anticipate a 40–50% decline to approximately $30–40 over the next 6–12 months, despite geopolitical tensions in the Middle East. This move aligns with a broader macro correction. Long-term, I remain bullish on oil.