/CL (crude oil futures) has just hit the bottom of the 65-66 price target zone with a reaction here likely before the next leg down (bounce target shown is only a rough estimate). As previously stated, I believe the early July high in crude likely marked a major top with considerable downside on crude still to come in the coming weeks to months. I plan to follow up with additional downside targets for /CL, /MCL (micro crude futures), & /QM (MINY crude futures) on the daily time frame.
CL 60m Aug 9th
Likewise, SCO (2x short crude ETN) continues to climb towards the first price target following the recent divergent low.
SCO daily Aug 9th