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Crude Oil was up against resistance of a multi-year pennant pattern and traders had established the most crowded/lopsided position in the past 20-years. Thoughts were, if the crowd was wrong, a ton of unwinding needed to take place.

Crude oil has fallen hard since the first of August (was trading at $102). With Crude Oil down over 20%, have traders unwound the lopsided positions? The lower inset box reflects that some unwinding has taken place, yet not near where they were when Crude was at a low just a few years ago!