Crude oil is dropping like a rock, unfolding a bigger, bearish five waves of decline down from 76.83 that can be coming to an end now as we see price in fifth wave hitting the lower trendline of an EW channel. This can be an important reversal point which would likely be confirmed as a low if price can manage recover out of that channel. In such case oil can be looking even for a retracement back to $60.
Crude oil, 4h
