We saw the bearish signs a week ago, but I just didn't anticipate such a sharp decline so fast in the price of WTI Crude Oil. WTI Crude Oil - Price Top Complete; 2018-Low in SightAs the current title suggests, price has fallen to and below the 2018-low this week.USDWTI Daily Chart(click to enlarge)Dramatic Reversal:- The bearish outlook stemmed from a price top and break below $63. This was followed by a very persistent bearish extension that now put price below the 2018-low. - The last time I saw oil price dip so fast was at the end of 2014, when price went from above $110 to below $50 by the start of 2015, and then continued to dip to under $30 by early 2016. - The sharpness of the current dip suggests we should not rule out a cyclical bearish trend of similar magnitude, although I think we should still anticipate some support at $50 at least for a short-term consolidation (note the 200-week simple moving average right above the $50 mark). - Still I think $40 is very possible especially if the equities market continues to contract. USDWTI Weekly Chart(click to enlarge)