Hellena | OIL (4H): SHORT to the 88.507 support area.

The anticipated decline in OIL has developed further. The updated structure suggests that bullish wave "C" completed at 106.790, followed by the start of a new five-wave bearish sequence.
Wave "1" of this sequence likely ended at the 93.116 low. I consider the current recovery corrective wave "2", with another decline expected in wave "3" once this rebound is complete.
The immediate focus is identifying the end of the correction. Wave "2" may have already topped, although a further recovery toward the 99.446–100 resistance area remains possible. I will be watching this area closely for a bearish reversal pattern.
My primary outlook remains bearish. The nearest target is the 88.507 support area. A previous high formed nearby at 88.274, making this a zone where buyers could respond when price returns.
The next downside reference for wave "3" is the 85.519 area. I expect the decline to reach this zone, with a deeper extension also possible. However, 88.507 remains the first target of this idea. Reaching that support would not necessarily mark the completion of the entire wave "3".
The invalidation level for the current bearish impulsive count is 106.790. A move above the origin of wave "1" would require a reassessment of the scenario.
The fundamental backdrop currently supports buyers: oil is rising amid little progress in US-Iran talks. This makes confirmation that the corrective rebound has ended particularly important before considering a short position.
Manage your capital properly and wisely! Enter trades only based on reliable patterns!