Taking a look at something other than Crude Oil for a change.
It appears that Copper is out of a 10 year bear cycle and a bull cycle started in 2016.
A look at the beginning; you can see wave 3 hit the 4.618 extension of wave 1 perfectly and then corrected perfectly to the 0.236 level for wave 4 >
If you add in the subwaves of wave 5 there is also a nice 0.236 correction of wave 3 for wave 4 >
All that would suggest an impulse move up and 4.0505 was the end of a larger degree wave 1.
If you look at the following years from 2006 to 2016 it appears to be a multi-year correction in the form of WXYXZ > It completed at exactly the 0.618 level at 1.9300 >
Looking at recent time it looks as though the first impulse wave up is completed and now in the correction, possibly to the 0.618 retracement area before up for wave 3 >
A look at daily level we could be in wave B of Y > the 0.618 extension lines up nicely with the 0.618 retracement level.
Something to keep an eye on I think as it could turn out to be a nice long trade with a stop loss below 1.9260
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Didn't break below 1.9260 on the March 20 dip and now looks to be in the midst of wave 3