Crude oil made a bearish reversal recently, down from 54.83 level, giving us an idea that a possible top had been found for a five-wave recovery, and that price can now be unfolding corrective wave B. In such case, be aware of weaker prices in an A)-B)-C) manner for wave B, with possible support near the 50.50/47.50 region. On the alternate scenario we labelled a top for wave 3) in place, with price now unfolding corrective wave 4). In both cases more upside is expected.
Crude oil, 4h
