There looks to be a morning star candle pattern on weekly chart for crude oil and 5 waves completed at mid 42 level, following from this idea bouncing from the .618 extension >
If this is completion of 5 waves from 7690 then its possible that its part of an ABC leg and a correction has started, another leg down below the recent low made at 4220 could happen post correction.
If this is completion of 5 waves from 7690 then its possible that its part of an ABC leg and a correction has started, another leg down below the recent low made at 4220 could happen post correction.