Image Source: Unsplash
 

We see a drop on crude oil from 130 area as a five-wave impulse into wave A that can be coming to an end around 62 – 57 temporary support area. The current strong drop in the 4-hour chart which can be also considered as a spike into new lows, we see as a final wave (5) of A, so be aware of a corrective recovery into a higher degree wave B soon.

More By This Author:

Cryptos Turn South For A Deeper Correction
Bitcoin Is Trading In A Higher Degree Correction
Kiwi Has Room For More Weakness Towards 0.6 Level