Whether you label these waves a-b-c or numbered (today's high encroached into i price before falling) ...
Thursday is a big day data wise (German/Euro GDP/US Retail), (that COULD give a plunge and bounce to the EURUSD and so to Crude. $76 looked like some big longs went in from the way it behaved.
As for $126, I'm keeping quarter of an eye on the JGB/Nikkei/Yen area, wondering if events there might suck back all that exported deflation. Who knows ... plenty of things in the wings.
I like the comparison to the EURUSD, thanks, good to see it in the longer term.