Crude Oil Weekly
Crude Oil Hourly
Wave 4 is likely over and wave 5 is ready to take over for a rally higher towards 118.31 and maybe even extending higher towards 128.36.
As can be seen on the hourly chart wave c of 4 has been an expanding ending diagonal and I will be looking for a break above 103.96 as confirmation that wave 4 is over and wave 5 higher is developing.
What would invalidate this Count? a break below the top of wave 1 at 97.15 will do the trick, but that is not the preferred outcome.