My last post on Oil, i expected we had had a top, but it had one final push higher before this current move down started.  For a downside target i am thinking somewhere between the two horizontal lines noted in the chart below.  The top line is the highest previous high, with the lower bar being the 38% fib.  If we get a sharp trending move down to it, I would expect a similar sharp correction back upwards.  Given the crazy rally, we usually get a period of consolidation after, so doubt we get that, and more a period of a few months of sideways.  ENCC will be the way to play in my opinion, reap the profits of a choppy elevated oil price.