Although I am not actively trading OIL
this is a very interesting chart. From the lows we rallied right into the 50 Dollar area, almost doubled the price since February. The magenta arrows show the impulse legs. So we are right into the last start of the impulse leg from the recent downtrend. Based on the AB=CD
we could predict, that the market will give us at least a 38,2 % Retracement.
Remember: this is not a setup i trade. Just an overall outlook and maybe something to have in mind going to lower timeframes.