Primary wave 1 of the cycle wave is a leading diagonal and is about to complete. 54.60-54.90 is the resistance. The major support is at 50.00, but, if 50.00 cannot hold, 47.00-48.50 area is the support and you never see any crude oil price below 50.00 ever again.
Comment:
Breaks above 56.40 negates this view and the bottom is already in place.