Crude oil is dropping like a rock, unfolding a bigger, bearish reaction which looks like an impulse in the making. An impulse is a five-wave price movement, where wave three is usually the strongest and firmest leg. That said, we see price now trading near the 53.80 zone, from where a new temporary bullish reaction may follow, labelled as wave 4). Wave 4) is a correction within a trend and represents a temporary pause, which can in this case look for resistance and a new bearish turn near the 59.3/61.2 level.
Crude oil, 4h
