Crude oil recently found a top for a five-wave move at the 62.62 level, from where we have seen a decline in three minor waves. These waves can be part of wave a, first leg of a bigger three-wave corrective decline. If we bring up the fact, that price is currently recovering from area of a former swing b at 60.74, then we can say maybe corrective black wave B is starting to show up. Once wave B fully unfolds, that is when a new leg down as wave C can show up.
Crude oil, 1-Hour
USD index is nicely turning up, away from 88.20 level, where corrective blue wave b found a low. Current rally now looks impulsive, that's why we believe a five-wave move can follow to the upside. At the moment we see price unfolding red sub-wave iii) of c, that can see limited upside near the former swing high at 90.12 level, and there make a new temporary pullback into minor wave iv).
USD Index, 1-Hour