Crude currently seems to be in the ending stages of the first Impulse down from 72.87 level.
This Impulse down was sharp as is expected after an Ending Diagonal is formed, from what is visible now we can complete this leg down near 64 or 63.30 level and from there form atleast a 3 legged correction to the upside for Wave 2 or Wave B which can take Crude possibly till 68.30 levels (more clear targets will be visible once the bottom is formed).
The important thing here is to wait for the pullback for adding more shorts or initiating new shorts to the downside which can take Crude till 59.40 to 56 levels.
This Impulse down was sharp as is expected after an Ending Diagonal is formed, from what is visible now we can complete this leg down near 64 or 63.30 level and from there form atleast a 3 legged correction to the upside for Wave 2 or Wave B which can take Crude possibly till 68.30 levels (more clear targets will be visible once the bottom is formed).
The important thing here is to wait for the pullback for adding more shorts or initiating new shorts to the downside which can take Crude till 59.40 to 56 levels.
Note
Crude : Hypo 1 : Expected progression : Note
Hypo 2 : Bearish scenario suggesting that W.(5) down is still remaining : Since both Hypo 1 and Hypo 2 have equally opposing views Crude is a wait and watch for now.
Note
The leg up from 63.54 low looks like the start of a new Impulse hence wait and watch for now in Crude : 
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Unmatched 80% plus forecast accuracy for 6 years : 50eyes.com/forecast-accuracy/
Video Course : 50eyes.com/elliott-wave-course
Author : Think with the Markets
Video Course : 50eyes.com/elliott-wave-course
Author : Think with the Markets
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.