A week ago, I mentioned getting serious about being an energy bear again in my post Recycling Energy. Even though the marvelous sell-off in equities was (of course) largely reversed this morning, crude oil is steadfastly taking its beat-down.
![](https://slopeofhope.com/wp-content/uploads/2022/08/crudeclose-640x368.png)
We are approaching a crucial shelf of support. I can picture a vastly larger plunge ahead.
![](https://slopeofhope.com/wp-content/uploads/2022/08/crude-640x371.png)
This is made more clear with the weekly chart.
![](https://slopeofhope.com/wp-content/uploads/2022/08/clweek-640x373.png)