Crude oil futures CL1!- It is in (Y) wave down from major top in 4 hr time frame. The down move was ABC zigzag as W wave and probably X wave is under progress. The drop in 10 min time frame seems wave a down so sell on bounce for c wave down as small trade set up. There are three different probability associated with this structure. (1) is (X) wave continue as further wxy or flat abc and take some time. (2) is it extend the C wave down of W wave and go below 38.20 level as bearish set up. (3) is Y wave is already down in progress as the double zigzag (Y) wave as bear case. So keep eye on next price action to understand the bigger move.
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