Crude oil has broken all patterns of the impulse as it should have corrected some time ago.
This calls for an entire review, which gave me little options but to make it fit into an inverted zigzag
Unless the oil is on same diagonal bullish wave pattern, then it still would have to show us a clear correction and there would have to be many more oil bears around.
I even dropped my Minute degree wave three down, which make the entire 5 wave decline in Minute degree a diagonal. It is amazing how the top trend line stopped oil, dead in its tracks as the continuation of the bull phase will certainly break out past that trend line.