Crude oil made a three-wave A)-B)-C) pullback within wave E from the 50.48 lvl. and found resistance and a potential turning point at the 58.69 lvl. The current decline can be a suggestion that leg C) of E is fully developed, and that more weakness may follow, ideally in a five-wave manner. We are tracking wave 1) of a bigger decline, that can be followed by a temporary pullback as wave 2) with possible resistance near the 56.2/57.2 region.

Crude oil, 4h

(Click on image to enlarge)

On the daily chart of Crude oil we see a bigger triangle correction, which is a continuation pattern and points in this case lower, into a big wave C, towards 42.0 area and below.

Crude oil, daily