This is just an update of my late December post. Oil has retraced more than 50% of wave 3 circle and is bumping up against the upper corrective up trending channel. There is also a bearish divergence on the RSI. Oil could still move a bit higher to the 61.8% level but should soon (next few weeks or months) start the wave 5 down to much lower level. Look for daily bearish reversal pattern ! Good luck