US Oil appears to be forming the final (C) wave of an (A)-(B)-(C) Ending Diagonal. In majority of the time, we can expect a sharp downside break once the Ending Diagonal is completed.
Look for a sharp reversal at the final intermediate top of wave v and then a break below Wave iv to confirm the trend reversal of US OIL at least to its 2016 low at 26.08.
A strong break up from the Ending Diagonal will invalidate the current analysis and potential trade.