4-Hour Crude Oil hit a new reaction low at $47.90 in Monday's pre-market trading, down from $53.80 on March 7 (last Tuesday), or -11%.
My near-term pattern and momentum work argue in favor of the start of a two-way market, but not the establishment of "the low."
With crude oil DSI at 40 as of Friday's close, we should not be surprised to see oil press closer to $46-$45 before strong buying interest emerges.