WTI it's been too long. LOL
Short term the risk of a $6 or $7 bounce is pretty high over the next several days.
See the hourly chart below and the positive divergence on the RSI, and the "right look" of the move down over the last week from the label -2-. the fib .78 retrace.
Longer term I think the risk remains significantly higher possibly exceeding the old highs at $158. Why not? Who can deny the inflection point completion of the down move last year.
There IS a fib .78 retrace of the last leg up on the (daily chart labeled 5). Right here. Supports short AND possibly medium term risk higher.
Or do we get a deeper longer term retrace of the whole move up over the last year? Like to the mid $50's? See weekly bar chart.
So above $75 an overlap of the assumed -1- and risk remains higher, vs. taking out todays low by .half a buck points lower longer with the previous low $61.85 targeted next.