With every man and his dog calling for oil to go higher (me included) perhaps now is a time for a bit of caution to be shown. The main thing from this chart is that oil is hitting the 50% fib retracement of a major 5 wave move down that started in 2013 and right now, I could make a count as the end of a C wave in a ABC correction. Interesting times indeed.....
Note
interesting (to me anyway) how oil stopped dead in it's tracks at the R2 yearly pivot and has now bounced on the R1 pivot. I wouldn't like to say at this stage whether or not oil has another leg higher or not. Note
Reckon I can count a possible 5 waves down there and so might expect a rally for oil here. Although i will also expect a further leg down after the rally, if it occurs. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.