Declining from its sixteen-month high in early April, crude oil has traced out a pattern that aims for a “D” target of 79.43.  That objective will remain valid so long as the “C” point at 84.64 is not revisited.  Traders with the courage to be short oil should look for a small pattern enabling a low-risk entry.  The “D” target is just above a prominent low of 79.27 established a month ago, so the trading in that area is likely to be intense.  The dilemma is that the oil market often rallies sharply off of its low points.  One possible approach is to buy the pivot itself, 79.43, with a stop at 79.26, one tick below the prior low, for a hypothetical risk of $170 per contract.  But we emphasize “hypothetical”, as the stop could be subject to meaningful slippage. (Posted by Doug McLagan)  _______ UPDATE (11:45 a.m. EDT):  Oil got as far down as 82.92 before rallying through our “C” point and thus cancelling the target.