A five-day simple moving average shows a slipping negative trend that crosses below the monthly trend (thirty day SMA). The day and week will end today on the bearish supply data, and volume that supports a heavy sell-off in the market. Approval for the Iranian nuclear deal looks secured as President Obama has already claimed he will use veto power to ensure its effects on the political landscape as well as the worldwide supply picture. A weekend brings respite from losses, but when will speculative investors start hardening a long position to prop up demand for securities dipping because of the slump. Every trader has a signal and a lot of traders have similar signals to when they will enter a position and wait for a reversal in the crude oil price. The real question that should be asked is at what price are individual and institutional investors deeming the saddle point of the price slump? Elliot wave analysis might qualify this small extended dip in the summer as the initial wave of selling that will lead to the beginning of wave two, speculative buying that creates an upswing in the spot price due to institutional hedging. How much lower can prices get before downstream services start to hedge themselves against steeper prices?