WTI on D1 has complete a Wyckoff distribution. The last push to $76 marked the UTAD and what we are witnessing now is the markdown. Its difficult to predict the extension of the markdown but $59 per bbl would not be exaggerated. What is of high probability is that we will witness another substantial leg down, regardless of the retrace. An extended tgt (low probability) would be $54 however, with Iran and Venezuela in the headlines these days, it would be difficult to achieve.