A sharp reversal to the upside on the Crude Oil gives us an idea about a completed three wave correction in wave B) or 2). If that is the case then the recent strong upward action is a sign of stronger prices to follow into wave C) or 3). We could now expect a five wave move to develop in the mentioned wave.

Crude OIL, Daily

Regarding the 4h chart, Crude oil seems to be trading in a new uptrend, with red waves 1) and 2) already completed and extended wave 3) in motion after a bottom had been found at the 42.88 level, where bigger correction had ended. As such we now think the price could be trading specifically at the start of minor wave 3 of 3), as price made a nice intra-day bounce higher from above the 49.15 level where we see the support of a previous swing. That said we could be facing a nice impulsive structure to unfold in the upcoming days towards the 55 area.

Crude OIL, 4h