Bullish View :
Oil has continued to rise in Minute-degree third wave of a first portion in uptrend.
The wave ((iii))’s extreme would be pointed the Fibo target at 51.09, where the third and first waves are equal. After that, the wave ((iv)) will likely develop on the structural support (46.68).
Note: With respect to variant frames of Oil chart, revealing a five-wave structure of Minor degree will fully confirm the bullish case.