WTI (Crude) sells off, pivot @ 73.38 and it went below

[Top Oil Trader + 469]

As i mentioned for a couple of days now that Crude would head toward the $60, here is some more evidence. The fact that WTI went below its daily pivot which is at 73.38 and now is hovering just below it again, is a bad sign of further lower prices.

What it and my previous chart, signals is that news events will soon be forthcoming that will really bring the prices down. These are events that the Bullish forecasters who forecast $85 and $150 haven't taken into account yet, but will soon be forced to change their rosy forecasts.

Now could we still see $85 or $150, well I focus on the now, the current direction of prices. So if i believe that prices will hit $85, I would rather wait for lower prices say $60 or $50, but why go long at $75, and lose a couple of hundred thousand $, first.

If prices hit $60 or lower, I will then see if its possible for prices to go up further. But trading blindly is a great formula for losing tons of money.