All the bearish news you hear comes from experts reporting on the fundamentals. Besides the $20 price target being constantly regurgitated, the experts simply reflect this heading. There is a huge difference between the March and April contracts, but eventually the April contract will reflect on what happened in the March contract. Oil crossed to a new low with a three wave crash which we are not able to see, unless I post on a 5 minute scale.
When this happens, it can always mean it is part of a diagonal 5th wave, or part of an expanded pattern, or worse yet a triangle is about to form. Oil is back at the $30 level as it started to charge up late today. Unless I force it or fake it, I can't make two trend lines fit on the down slope.
I am right down at the Micro degree level with a few degree levels still showing but unlabeled.
The gold/oil ratios have been in the low 40:1 range, which is the bullish indicator that nobody talks about. A market has to get to the extremes before it's over.