Crude is dropping in an impulsive fashion. Currently it is in the micro wave iii down. We have several support levels in this area: 60.50 – the top of wave ( a ) of ( iii ). 61.87 – 1,000 MA on 45 min chart. What I like even more is 60.60 – 1,000 MA on 90 min chart. As long as Crude stays over its critical support at 58.26 it still can make another rally in wave ( v ) up.