A five-wave pattern shown from the 69.45 low is very near its completion. Our blue wave (5), in a final leg of that pattern, is showing the structure of an ending diagonal, which signals a coming turning point. Any break through the lower red support line will confirm that scenario and will put a minimum downside target at 77.00 in play.There is also strong bearish divergence shown on MACD that also signals for near-term lower prices. T heLFB Charting: Crude Oil Four-Hour View If you would like to be a part of TheLFB.com, to receive a full Elliott wave detail for Oil (monthly, weekly, daily and four-hour charts) and if you want to know what comes next and what to expect from the market, then join us now. Follow Elliott Wave charts and updates on twitter.