Crude oil is in the midst of playing out a short term head and shoulders reversal setup and acquiring  its measured move price target a few bucks lower at $90.91. This also coincides with the January low.  

If it breaks these levels, it looks like $84-86ish is the next level.  Dollar strength, growth scares in China and Europe, and crude’s failure to bounce on geopolitical noise is weighing heavy on the oil price and signals the world is flush with the Texas tea.   Stay tuned.

(click here if charts are not observable)