Eyeing Low In Crude Oil

July Crude Update-- Yesterday afternoon I posted my pattern work that points to a next lower target in and around 70.19 that represents the equidistant swing target of the two dominant downlegs off of the 4/12/24 high at 86.64 (86.64 to 76.21 and 80.62 to 70.19).

There is another scenario that treats all of the price action since mid-March as a Head & Shoulder Top that broke the Neckline at 79.70 at the beginning of May, followed by an initial decline, then a retest of the breakdown zone (the Neckline) at the end of May, followed by the current vertical decline from the Neckline. The measured target zone from the Neckline projects to 72.70/80 was MET THIS AM.

Bottom Line: The next optimal Target Window for downside exhaustion in July Crude Oil is 72.80 down to 70.20. I will be watching the form of any bounce off of this AM's low at 72.48 to determine if a significant low could be in place. If not, then let's focus on 70.00 next...Last is 73.10