Crude oil has been trading quite nicely in the last month or so, as five waves from the end of wave 4) are nicely visible on the 4h chart. We believe that after recognizing a triangle correction in wave 4, this last leg that unfolded in impulsive fashion to around 50 mark per barrel may be wave 5, the last wave of an impulsive sequence, thus meaning that a minor three wave retracement may be just around the corner.
Crude Oil, 4H