On the updated 4h chart of Crude Oil we can see the higher degree impulsive wave 1 completed at the 54.54 level, following recent sharp reversal which we interpreted as unfolding red wave A) of a minimum three wave corrective reversal in the upcoming wave 2. As such we believe two more waves will show up, wave B) which is in motion and later wave C) which could face a possible reversal near the region of the former wave 4) at 50.6 level, where even Fibonacci ratios of 38.2 or 50 could act as reversals higher.

Crude Oil, 4H