I would wait for more unfair prices at the very least at 111-115, and likely 120, and then I'd need to see some multi-day activity that convinced me that it was failing. As of this moment, it looks to be succeeding rather well in its breakout, so for me the price is not right, the activity is not right, and the risk/payoff is just too low. Where would the target be on such a trade? First I would wait for 115 or higher to trade, have about a $5 stop, and target where else but low 90s, the point of price control and breakout point. A secondary target would be the other end of balance between 65 and 70.

We now stand here, after the Syria threat has pushed this market $8 higher in the last 2 days:

We are sitting around $112 tonight at this moment. The sweet spot for a short is still in the $111 to $120 region IMO, with the preferred area being closer to $115, given the momentum right now. Sometimes these things reverse on a dime, so a very aggressive short could be taken right now. But personally I would still wait. This is a potentially huge breakout and has strong momentum up, so it's not something I would step into yet.

Falling oil prices make just about everyone happy. [...] But Vladimir Putin is not one of them. The economy that the Russian President has built not only runs on oil, but runs on oil priced extremely high. Falling oil prices means rising problems for Russia – both for the strength of its economic performance, and possibly, the strength of Putin himself.

Despite the fact that Russia has been labeled one of the world’s most promising emerging markets, often mentioned in the same breath as China and India, the Russian economy is actually quite different from the others. [...] Russia is little more than an oil state in disguise. The country is the largest producer of oil in the world (yes, bigger even than Saudi Arabia), and Russia’s dependence on crude has been increasing. About a decade ago, oil and gas accounted for less than half of Russia’s exports; in recent years, that share has risen to two-thirds. Most of all, oil provides more than half of the federal government’s revenues.

..... however it is the top of the trading range that has emerged after the "Big Up Big Down" move and like all trading ranges this will behave in a manner to preserve itself.

A double top bear flag also presents itself now after the breakout and it seems right to short right away, while watching the chart carefully.

Also a bull trendline has been broken - to me the "huge breakout" reeks of climactic exhaustion i.e. the market would be hard pressed to find buyers in this zone and the correct way seems down atleast to retest 86. From there a fresh call would have to be taken.

@Fat Tails

I have not used ninjatrader before so I am not familiar with the signals it offers. The signal lines in the chart you have above looks like moving averages, but could I ask exactly what they are? Thanks.