At this point crude oil has made another substantial decline and it even looks like a partial impulse, with a potential 4th wave coming up shortly. That would most certainly be the easiest wave count to expect., and it would cause me to say, "The Wave Count is Clear". I know better as when they say a wave count is "clear " then most of the time that wave count will turn into a bust.
There is also a very good chance that we are hitting a potential 4th wave bottom and oil can roar at once more. Oil itself does not give a hoot about the fundamentals as only the humans are the ones that care. When the markets head down, then the bearish news comes out of the woodwork again, and if it is truly on a big bullish run then it will ignore this bearish news and keep going higher.
We should find out soon if this present bottom will hold and it would be fantastic if a 5th wave to go as far as wave three did. All this may get trashed very quickly, but it is always prudent to be prepared, once 7 waves have completed. I am less than 40 cents away from overlapping a key wave, so it will not take much to kill the remaining chance for an impulse to continue.
This latest oil rally, if it turns into another fake was an impressive rally to say the least as it didn't produce the chop that many other rallies did.
I am pretty sure that the SC or GSC degree oil wave counters need a $10 oil price for their bottom. I don't think WTI oil will ever get there as its bigger pattern from the 2008 top looks far more like an "ABC" crash than at anytime in crude oil's history, and it can retrace this entire crash in time.