With every man and his dog calling for oil to go higher (me included) perhaps now is a time for a bit of caution to be shown. The main thing from this chart is that oil is hitting the 50% fib retracement of a major 5 wave move down that started in 2013 and right now, I could make a count as the end of a C wave in a ABC correction. Interesting times indeed.....
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interesting (to me anyway) how oil stopped dead in it's tracks at the R2 yearly pivot and has now bounced on the R1 pivot. I wouldn't like to say at this stage whether or not oil has another leg higher or not.
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Reckon I can count a possible 5 waves down there and so might expect a rally for oil here. Although i will also expect a further leg down after the rally, if it occurs.