If there is ever a perfect time to call the oil bears out of the woods, it would have to be very soon, as bears only strike from above. Crude oil performed an upside breakout, which have been bull traps in the past. Any correction may find a bottom around the $33.50 or $32.50 price levels, or the previous gullies in the wave structures.
The "C" wave top can also work as another wave 1 top in which there would be no real extension in wave 3 but most of the extensions would come in the 5th wave. Five potential zigzags can fit into a triangle very well, so the next week or so should give us more information.
The new moon is on the 8th of March so this can be very bearish for stocks and it may rub off on commodities as well.
When I see this I have to turn bearish, even if it may only turn out to be a short term thing. Just in case oil does plunge to new lows, then I will turn very bullish once again.