We are currently in a major pattern which i am expecting will break today (near first vertical red line). When looking at the overlay you can see the market has been reacting to angles and range pressure points. It has failed to close above $150 which is important as this is both 50% of the current range (28/01 - 02/02) and 25% of the range of the square (27/05/17 - 19/12/17). There are angles providing extra resistance and support also. Basically the market is being squeezed.
If the market breaks to the low side I expect it to retest the current low at $106. This point is 50% of the repeating section range range from the 19/12/17 High (see earlier idea). If it breaks this point the market will go into free fall as it will be weak in the square under the 1x1 angle and 25% pressure point.
My forecast for the low is 15th Feb. I came up with that date by analysing repeating timeframes, balancing time and dates.
Of course I could be wrong so please don't take this as trade advice.
Ian - Aussie Trader