The bottoming of oil last February has started an Elliot impulse wave. Elliott waves are fractal, and today we are on the Wave 3 on the daily as well as wave 3 of the 4-hour fractal. Since wave 3's are bullish waves in an uptrend, this matches the bullish sentiment the last few weeks.
I am expecting a small correction from the occurrence of wave 4 of the 4hour fractal before we complete the wave 3 of the daily.