Let's dig into some crude oil , if you will..
On Crude oil we are observing a minimum three-wave recovery in progress, up from 50.53 area, with latest rally from the 53.52 level being part of a five-wave move within the third leg (wave C or 3). We anticipate to see a temporary resistance, and a turn near the 55.44/55.77 region, where the Fibb. ratio of 1.382, and the upper corrective channel line can slow bulls down.
A later drop in impulsive fashion (five legs), and a break below the 52.05 area would indicate a take over, while a recovery above 56.0 area would suggest more upside.