Put crudely, support (not resistance) seems futile for oil right now

Wow what a great setup we had for selling prior to today's huge drop in crude oil ($WTIC or ETFs like USO and USL), as oil gave off those bearish signs I posted and tweeted about in recent days, warning it would break down. Looks like some big boyz were paying attention at least to similar signs, because there was virtually no support for crude oil prices today, down over four percent (4%) today! I'll just share how the point and figure (P&F) chart looks now. Notice the bearish sell signal generated by movement under the default price-reversal level (my readers already knew bearish signs were abounding). This default P&F generated at Stockcharts.com indicates a preliminary bearish price objective of $88 in $WTIC. All of a sudden, that doesn't look so far away anymore, does it?!

This of course reinforces my concerns about a bigger bearish pattern longer-term. But I'm willing to let this play out for a while to assess what significance the price drop may have for the weeks and months ahead. So for now, this is just to point out ... There may be bullish times when "resistance is futile", but don't get caught long when "support is futile"!