July Crude will have a chance to pull out of its tailspin at 80.55, the ‘D’ target of the pattern shown.  It looks like a good place to attempt cautious bottom fishing or to hedge a short position held during the decline. Keep in mind, however, that, barring some black swan event in the Middle East, my expectation is for much lower prices — perhaps 50 percent below current levels. The likely cause would be a combination of global recession/Depression and the washout speculative forces in commodities. _______ UPDATE (June 7, 10:08 a.m. EDT):  A quite strong dead-cat bounce (and that is almost surely what it is) has occurred off an 81.21 low. Its first test will be the 87.47 Hidden Pivot target of the pattern (240m) A=83.31, B=86.27, C=84.51.  An easy move through D would portend more upside over the near term. _______ UPDATE (June 14): The  dead-cat bounce hit 87.03, 44 cents shy of the midpoint resistance I’d noted, before collapsing two days later to a new low at 81.07.  Much lower prices impend, and so all positioning should be from the short side.  Camouflage tactics can help us get short even when corrective rallies do not quite reach their targets as occurred this time.