Crude oil started impulsively declining from the 43.75 level, which suggests a top in place, and a minimum three-wave reversal to be underway. We see a possible completed five-wave decline now in wave A, therefore latest rally can be part of a three-wave corrective move in wave B, with resistance at the 39.0/40.8 area, where former swing lows and highs, and various Fib. ratios can slow the price down.

Crude oil, 4h

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