West Texas Intermediate WTI USOIL WTI fell exactly 50c short of the upside maximum target before topping out and falling below the the lower parallel, thereby flipping WTI from still positive to negative - on a dime. Since then it's fallen away seeking support from nearest structure to left - and found it at 58.14 - the top of the structure to left. It's been hit by a double whammy of rising DXY and falling major markets. Although it's hit support and can rally as high as 61.51 from here this decline is not done yet. Those big reds on exit of the parallel show powerful rejection now. Last week's price action has switched the game from buying dips to selling rallies once more. And if major markets begin to unravel and fall further from their lows of last week WTI and Brent will follow suit in sympathy. A fall below 58.10 on WTI should trigger further selling back to 55.90 at least and once this fails to 54.95, spiking as low as 53.84. The 50% retracement of the bull run lies at 54.32. Look to sell the early rally if we see one - and if not sell on break below 58 with stops above 59.10.