Crude Oil In A Pullback

Crude oil is recovering sharply from the lows, however still into a three-wave move that can be a wave 4 correction. We see sub-wave C) in play, which is sharp and is approaching Fib. ratio 38.2/50.0 (27.1/35.8 area), and area of a former swing 4) at 33.2 level, where resistance and a bearish turn can be seen. A drop in five waves of a lesser degree and a daily close below 18.24 level would confirm a completed correction, and wave 5 underway.

Crude oil, 4h

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