 Hi guys, it's Ian from OSBFX. It is Wednesday, the 3rd of May, 2023. It's about half past 10 in the morning in the UK. Later on today, we've got the Fed interest rate decision policy statement and press conference. They are widely expected to increase rates from 5% to 5.25%. One product that's got my attention this morning is US crude oil. Now Iran has increased production of oil. That's weighed on the commodity yesterday. And we have seen the biggest net daily decline in oil in 172 trading days. Let's have a look at the chart. So this is the US crude oil. It's the daily chart. Here we can see that we saw quite an impulsive move to the upside since posting a low on the 20th of March 2023. That move can be analysed as being in five waves. Now Elliott Wave and Fusias would then dictate that the move to the downside is corrective. We've got a previous swing low over here from the 9th of December at $70.21. I've got some bespoke support located today at $70.40. That to me is a substantial downside barrier to the upside. We've got yesterday's Marabuzo level that's located at $73.52. That's the midpoint from the open and the close of that very bearish candle. We've also got a previous swing low located at $73.85. So what was support now becomes resistance. Big picture analysis and there's a possibility that we are forming a reverse head and shoulders pattern. So that being the left shoulder, this being the neckline moving down to the head up to the neckline. Potential right shoulder at current levels and then a break of the neckline being about $83.73 and possibly highlighting that a long-term base has been put in place for US crude oil. So just to reiterate what we've talked about, largest net daily losses in 172 days. We've got some support between $70.40 and $70.21. We've got the possibility of a long-term reverse head and shoulders pattern. Okay guys, good luck today and I'll be back again soon with some more analysis. Many thanks.