If I am right on this count then that was an extended 5th wave down which could suggest that any rally might be a good one. At the moment, I am going with my red count as I think the uptrend that started back in 2016 may be over and oil (along with many other commodities) may be resuming it's downward trajectory. The blue count suggests that it may still have another leg up.
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Nope. The joys of trying to pick a bottom.....Oil really seems to have fallen out of bed....