I was thinking that Friday would bring the drop below the current sideways movement but instead we had another day in the range.
I've added a new fib retracement to the chart. This one goes from the low on 4/19/2013 to the high on 4/28/2015. The .618 retracement is at 85.34. This matches with the 2 other measured moves I have on the chart. The first is from the 7/22/2015 high to the 8/24/2015 low. The second is from the 12/28/2015 high to the 1/25/2016 low. Both of those measured moves target 83.18 - 85.44 which overlaps beautifully with the larger timeframe .618 target of 85.34.
The longer price moves sideways, the more pressure is building on price. I had thought that last week Yellen's testimony and crude oil inventories, both on Wednesday, would have been the catalyst needed to move price. Nothing to do here but wait...