Is this a long 4th wave? Notice we are almost back to the 20 day and the 50% fib retrace. Look where the 1.618 is from the first 2 waves down around 88. If the dollar is stop dead in it's tracks and reverses maybe oil resumes the move up?
I'm bullish CMI however I think wave 3 extended now wave 4? needs to take a lot of time to get AO near 0. Still inside the channel but the best guess I have is somewhere in the 95 area. CMI did not close the gap from November at 111.88.