Price has followed the projected path as expected and is now looking for a small corrective decline to form wave 2 of C. After this comes the big wave up, wave 3. 29.44 is key level, if broken, the 5 waves up as wave 1 is invalidated.
I have a similar idea with you before. But there is one thing I am afraid is the wave b in your chart is five waves down instead of three waves. And the oil has been rejected from the bearish trend line for two times. It needs break out the bearish trend line to validate.
Hi Zhipengcfel, I think the internal structure of the wave b is corrective, just look at the first part. I agree that when looking at trendlines, the trend is still down but evidence of bullish power is rising. In the weekly and monthly charts you can see hammer candlestick formations and the daily chart had a bullish engulfing pattern earlier this week. This could lead to a break of the trendline you mentioned and would result in a violent move up. This move up is what i believe will be a wave 3. Best of luck to you and thanks for your comment !