Oil has been trading in a nice 1H Channel down for the week.
The chart show potential for a wave count that calls for a completion in the 26 area From the spike high in the last week of Jan. Normally would like to see a higher high to confirm a reversal. But watching this area carefully.
A breach above 1H highs at 27.43 would add some conviction to the count, but more importantly an upside break of the 1H channel will confirm that this structure has completed.
An Upside move can target a retest of the longer term daily down trendline in around 31.
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Perfect test of the longer term daily down trendline at 31.