(See here: https://www.tradingview.com/chart/CL1!/9Aogwv9U-Crude-Oil-Long/)
We have had a great rally from the zone between the 38.2 and 50 Fib Retracement of the larger leg and a nice bounce off the 161.8 Fib Extension of the most recent leg down. My concern now is that we are approaching the overbought zone as indicated by the below, BUT if the market can close above $46.75 I believe we will see this rally continue a bit further until its next pullback. If we do not close above that mark, I am projecting the market to pullback to the $45-$43 zone before continuing its uptrend. Let me know know your thoughts.