Crude oil made a sharp drop in the last couple of hours, which can be an indication that a top for blue wave v had been found at the Fibonacci projection zone of 61.8. That said current weakness can now also suggest a minimum three wave reversal is in progress, with blue wave (a) being the first one. That said the whole upcoming three wave move may later search for some support near the former swing lows of wave four, at the 47.87 and 48.26 level.

Crude oil, 1h