Although the market seems to be "holding on", it should not be mistaken for a wave 2. I strongly feel that a deeper correction is still due. We will see the prices go lower and then take support at fib levels. The reasons have been mentioned on the chart. If you still feel bullish
about the oil
prices, I would ask you to wait and see how it might react before you jump into long trades. Wait till volatility
increases and it starts trading out of channels and diagonals. Wishing you the best of luck.
Trade well :)