WTI Crude Oil (USOIL): Not Bullish on Oil

SUMMARY

I'm not bullish on the WTI Crude Oil price to rise too much further than current levels. Primarily because the correction that started after the 5th wave extension is probably not yet complete. The below chart shows that the downdraft red A was swift and the red B retraced nearly 0.618 Fib level. Since then, the subwaves of red C has been being placed so that currently, red 4 might be getting its final touches. The upward wedge is also bearish. The final red 5 could equal the prior wave 2 of the impulse; which is much lower than the subwave 2 of the extended 5th.

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