Crude oil turned into a strong bullish mode in September, which looks like an impulsive price move on the 4h chart. We see an extended and sharp leg from 44.14 to 51.50 that looks like wave 3 of an impulsive structure.
If that's true then we know that the market is in a new bullish phase, so uptrend should continue after wave 4 pullback, which already shows first signs of a completed Elliott Wave flat correction. As such, traders should be aware of new leg up in the near future; this would then be wave 5 targeting 53-55 area.
Crude oil, 4H
A flat is a three-wave pattern labeled A-B-C that generally moves sideways. It is corrective, counter-trend and is a very common Elliott pattern.
Basic flat pattern: