When CL1 (continuous oil futures contract) hit 2015 YS1 I called for a short term low. And that was bang on. But in 2016 oil has gone straight down. 

It opened below all pivots and January pivot was resistance right from 1/4/2016. Down to JanS1 and right throught it, down to Q1S1 and JanS2 combo, 3 days stable, then another leg down. CL1 is now approaching 1HS1 at 27.89 and then the all important YS1 at 26.69. This area will likely have to hold for stock indexes to stabilize and bounce.

On CL G6, the levels are 1HS1 at 28.03 (breaking) and then the most important YS1 26.42, along with last chance save at JanS3 25.62. I have added the current contract G6 below.