Implied Vol (as well as Realized) in WTI and Brent are close to the lows for the past year, and the put skew is abnormally steep relative to the calls. The options market is telling you the risk is to the downside.
If Trump Admin snaps and doesn't extend Waivers on Iran, it'll definitely raise... Other than that, it's currently following trend of Equities They just extended waivers for Iraq, and very likely to extend every Waiver for 2019
SELL SELL SELL 50% Fib retracement. Wave 2 up complete or almost. Wave 3 down is next. For the cheapskates who trade on 2 min., penny wise and pound foolish. ... better way, one trade only, Go short and set TP for same length as wave 1.
Apparently the market at present doesn’t appear terribly concerned about Wave Counts and Fibonacci - it’s much more concerned with the broad equity markets and global demand.