Below from $49.42 high, the pullback seems to be unfolding as an structure where wave A ended at $46.25 low. While in wave B bounce OIL is doing a shorter-term where lesser degree wave ((a)) ended at $48.15 high, wave ((b)) ended at $46.16 low, and wave ((c)) remain in progress in a lesser degree 5 wave sequence. While in wave ((c)) wave (i) ended at $47.25 high. Wave (ii) ended at $46.94 low, wave (iii) ended at $48.50 high, wave (iv) ended at $47.91 low. Wave (v) is now looking for another push higher approximately towards $48.99- $49.25 area to retest the peak before ending the & starting the wave C lower while the from $49.42 high stays intact. We don’t recommend selling it as the main trend remains to the upside.
OIL 1 Hour Chart