No doubt that oil is bullish, but as it has made a 5 wave move up, which in my opinion, puts in our wave 1, we are likely to see a correction now. If we fail to get a strong reaction at the 0.618, we are likely to drop all the way down to the 0.786 to land our wave 2.
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did a little digging on the subwaves and just maybe wave 4 was never done. So, as of now, i'm seeing wave 4 as a flat, and the current impulse that we just got as our 5th wave
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looks like the 5th subwave of our 5th is going to extend (typical bull market characteristic). Look for a bit of consolidation above support (which was resistance) for long entries. We could see oil a little above 33.5$ next week before retracing. Expecting a very volatile week!