WTI (Crude) following the script nicely; a 'Low & Last' Close Tuesday NY.

WTI Daily Chart @ Close 01/10/2017

After initially retracing > 61.8% of the losses from recent $55.24 Highs; Crude has respected the reliable MACD Sell Signal from the 1st Day of Trade in 2017.
Proxy Global Equity markets will likely be 'along for the ride' following their recent ebullient yet not so far well founded rallies.
It's NOT early 2016 all over again; BUT it is still only 6 Trading into the Month of January...........
Aggressive & Prudent Tactical types are likely Short from said 61.8% retrace @ $54.04 with Minimal Pain (Retrace High = $54.32) & now some +6% P/L for 3 Days work.
Interim Target looks like $49.50 with the more adventurous Shorts 'scouting' for some serious early Year scores circa $47 (+13%P/L!)

Crude posts Wide- Range Daily Reversal; perhaps signaling Risk- On @ 'Risk'?

WTI Daily Chart @ Close 01/03/2017

Crude proved to be both pertinent & timely during the course of 2016 as an Indicator for Risk Assets.
If this is still so; then 2017 may well start out in similar fashion to 2016's conspicuous & rather volatile early miss- step.....or few? Notably the MACD was on Sell Signal before Tuesday's opening gambit for the year; subsequent Price Action certainly suggests it (MACD) may well be 'onto something?