Crude oil has recently looked like forming a 5-wave decline. But the subsequent rally has gone past key retracement, so I have reworked the wave counts. Most momentum indicators are now in buy mode and holding weekly and monthly averages prepared for wave 3 up to 112. The Goldman energy ndx also shows a wave 3 development and the CRB is rising past its wave 1 high. I think this is the best preferred view for now. Crude should be on to a good rally.
In the long-term chart of crude, once again we need to give credit to the long triangular formation. If 112 is surpassed then larger wave C up out of the triangle would head to 147 to test the previous all time high.
In the H4 chart, the RSI is in overbought conditions. We expect the price to come back up to 102.5, 101.90, and 101.20. The price looks weak only below 103 levels.
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