Oil peaked last Thursday, day 16 and formed a swing high on Monday. Then oil broke below the daily cycle trend line on Tuesday to confirm that it has begun its daily cycle decline.
A peak on day 16 can still result in a left translated daily cycle formation. A break below 50.71 forms a failed daily cycle and also confirms that the intermediate cycle is in decline. And at this late stage in the yearly cycle, an intermediate cycle decline will likely result in the yearly cycle decline.