Crude oil can be trading in final stages of a corrective wave labeled as wave 2)/B). In fact, we can already see some intraday bullish activity picking up from the base, around Fibonacci ratio of 61.8, which can be an early indication that more gains can follow. However, let’s be patient and wait for a confirming price action, which means a five wave rally from current lows higher.

Crude oil, 1h