On the 4h chart of crude oil we can see that price made a nice rally from the lows, for now in three waves but because of strong bullish momentum with sharp price action up to 161.8% Fibonacci ratio, we believe market made wave 3) as part of a bullish impulse. That said, current downward reversal is probably wave 4) that can move back down to 45-46 area, the region of two common Fibonacci ratios for wave four corrections, 23.6 and 38.2, from where a new turn up would be expected.

Crude OIL, 4H