Understanding the bear market thesis set out in my oil series allows one to see that this move down is likely just beginning. Sure there will be a lot of noise prior to the May 25 OPEC meeting and this is going to be a long term move. But in my mind the pertinent short term question is could the red bearish consolidation pattern be a half-way move consolidation. If it is it denotes extreme urgency due to its short time frame and downward slant.
Notice the volume bar today. This indicates a lot of players were caught off guard. It is also noteworthy that the charts are not oversold.

Check out the volume now. Took some profits