Bullish Outlook :
Crude has traced out an upside five-wave as wave c after the nine-wave triangle in wave b (its first wave is counted as a triangle).
The trend remains up with the prices that would eventually carry to at least the 51.13, where the wave c equals 0.618 times the length of wave a, and potentially higher.
The today’s rally in Crude Oil, suggests that Minuette wave (c) decline of the ongoing triangle terminated near the anticipated target at $58.07, and Minuette wave (d) rally has begun its way up.
The today’s low at $57.94, should hold for this entire analysis on the triangle Minute wave iv(circle), to remain valid.
Expect More Sideways In Near-term :
In the intraday frame, Oil is still developing in sideways the minuette waves of triangle Minute fourth wave.
The market may have made the extreme of Minuette wave (c) at the $58.76 today’s low, If can hold above this level. In this case the following Minuette waves of (d) up and (e) down lie ahead, prior to the end of overall correction in the triangle.
Oil retraced into the 9 waves triangle area to the level of $59.79. This suggests to adjust the Minuette waves of the triangle Minute wave iv(circle), so that its Minuette wave (c) could be counted as a triangle (instead of the Minuette wave (e)).
The overall stance on this frame, remains unchanged.
In this Crude Oil’s intraday frame, the Minute wave iv(circle) as a 9 waves triangle seems to have completed (that’s prior to the final rally in Minute wave v(circle)).
A break out of the $61.83 level, would confirm this short-term bullish view.