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Take a look at the geometrics and waves in this chart. There is a wedge now on the weekly timeframe that could break within Q1 2017. The correction phase that has been building since 2015 is gaining momentum, making a break upwards from the wedge more likely.
Current minor bearish trend on hourly charts is probably just a minor correction in the bigger picture. If green trendline is holding, look for buy position trading opportunities (remember roll over for next monthly wtioil future contracts is in a few days though, and next it's trading lower).
Currently seeing a small pullback after the breakout of the ascending triangle. More upside ahead on par with fundamentals and long time bullish trend.
This wave count suggests we're in a wedge shaped A primary wave. Leading wedges have the wave count 5-3-5-3-5 according to Elliott's wave theory.
The wedge is becoming very clear on this timeframe, and to sum it up no matter if the wave count inside the wedge is correct or not, we should short term expect more downside towards the lower side in the wedge, for...