Crude oil is unfolding a nice and strong recovery from the 60.14 level where corrective wave 2 found a base. That said this recovery we labelled as wave 3, which is usually the strongest, sharpest and steepest wave, which also looks to have found a top near the 67.00 region (area of the upper channel line, which proved to be a good area of resistance). Now as we can see, price unfolded a three-wave drop from the highs, which can be regarded as wave 4, a corrective pause that can see possible support and a new bounce higher into wave 5 around the 64.05 former swing low.

Crude oil, 4h