On monthly time frame basis, We had the low April 2020 followed that with very sharp up move, recently we broke counter trend line, retest and look like oil want to go higher.
Now let zoom in and take a look 2021 rally on weekly time frame, As we can see, from major low we have wave 1 followed that with abc correction for wave 2, and wave 3 which smaller than wave 1, followed 3 is another clear abc correction, and now we are in wave 5. Base on Elliott wave target and ichimoku we have 2 major confluence zone are around 90 and 100 which limit of wave 5 to not break Elliott wave rule.
Look closer to wave 5 on daily time frame, We completed 3 and sharp 4 of 5. And now look like we are in wave 5.
Zoom in to 4h chart, Recent move look like wave 1 and now we in range of correction. I'd like to see correction mark the low then break the high that is opportunity to buy.