As you can see Crude Oil has had a rejection at the Fibonacci level 0.886, and it is currently breaking the short term trend-line in the daily and . There is a divergence as well, that indicates a reversing trend. According to the wave theory that never fails, I see a huge upward potential. There is a high chance of the market to approach the purple long term trend-line in the months or years to come and there are possibilities of it to go higher as well.
One thing to remember people, This is a Non-renewable commodity not a monetary currency that can be duplicated by the government by typing numbers on the screen. These are my views and not a Trade Call. Good luck (02/02/2016)