We had a great run up in oil at the first part of 2016. Now we are in sideways-ville. If you looked at my long term posts from last year you know I think we are likely in a long term consolidation phase. To me the charts above look developing or possible completed triangles. In a a-b-c up correction it is not unusual for the "b' wave to be a sideways triangle which is then by a another thrust up "c". That is what I think is most likely ahead.
Note some triangles are sideways a-b-c others have 5 waves a=b=c=d=e. So could be one more up down before the big move. Take care.