Crude Oil Is Nearing Temporary Support

5 May 2023

We see a drop on crude oil from 130 area as a five-wave impulse into wave A that can be coming to an end around 62 - 57 temporary support area. Current strong drop in the 4-hour chart which can be also considered as a spike into new lows, we see as a final wave (5) of A, so be aware of a corrective recovery into a higher degree wave B soon.