The most possible is that oil gets near 48,5, the it make a retracement, and then up again
Sorry, tradingview doesn´t let me publish it in a smaller time frame were you can see the waves as I see them.
The oil movement into the trend line has gone really up for be a wave 4 of the previous bear market that ended in 2016-09-01, but there´s to wait a little bit to see what happens next, more info in the callouts
As I posted earlier oil went down, and now all depends in the red line if i breaks it the most posible is that oil keed down, if not the posibility is that oil went really up. Sorry if I wrote something wrong, I´m not a english speaker.
If its a zig zag, wave c should touch the red trend channel in a few hours or a day. The wave c almost fits into a trend channel. And if the rally goes above the 48,55 there´s a good chance that the trend keeps up a few more bucks.
Is very possible that the oil getto at least 53, becase wave C in a zig zag tends to be 100% of wave a.
If the oil break this point the more likely is that it make another zigzag for a triple zig zag.
Thans for your readings!
I think that it need to retrace a little bit more, at least 55 and maybe get to the 60$, and beside the price range in wave 4)) is between 41 and 60, and is common that a retracement get in the territorie of the preceding wave four of lesser degree.
Thanks for your reading, and sorry for my english.