Monday Night View of Oil

I present the current chart for crude oil, stretching back several weeks. You can plainly see the steep decline, followed by recent bounce attempts. First and foremost, the highlighted yellow area shows what could be a potential inverse head and shoulders bottom, with $49.70 being an initial area above to clear in order to sustain a meatier bounce, perhaps towards $54 or so. On the downside, if crude bulls lose $46.80, and especially $46, I suspect another washout is imminent. I still see the scenario where oil simply "goes dead" from here, churning in a sloppy, frustrating range for the next few weeks, which is one reason why I am more inclined to play other markets at the moment.