A compressed view of 4H chart has been presented here to look into alternate wave count, since Crude drops below 42.00 levels. It looks like the retracement which began from sub 51.00 levels earlier, could extend lower through 40.60/70 levels, which is fibonacci 0.786 support as well. Please note that the drop from 51.0 levels still looks to be corrective, unfolding in 3 waves counter trend. Watch out for support around 40.50/60 levels and a potential bullish reversal. Immediate support is now seen at 37.00 levels, while resistance is seen through 41.75 levels, followed by 42.50/60 and higher respectively. Also note that the RSI is just around the 30 levels for now, might just be preparing to rally. Also the MACD has been indicating bullish divergence on the hourly charts, so a reversal may be around the corner.
Looking to initiate longs around 40.60/70 levels, stop at 37.00, target above 51.00