I stretched this intraday chart so we can see back to the last major peak. It’s pretty hard to accept that a bullish run like this can be just a bear market rally, but for diagonal waves, this is still pretty normal.
This oil 4th wave I may have just barely kissed my wave 1 in Minor degree, which is also very normal for diagonal waves.
At $61 oil has started a small correction and the depth of any impending oil decline could trash the $56 price level.
Just as fast as oil has roared up it can die screaming from a bear attack. Futures are always leveraged and have no daily trading limits, which produce very violent moves.
The oil units in a Forex account are just as violent which I try to trade in when I can. Four oil units take a little less than $20 to own and there are no contracts to contend with.
When I see a near vertical move like oil has just made, then either we get a strong correction or oil plunges with no support!
I will never post long drawn out fundamentals as thousands of others are doing just that already. A few years from now nobody will remember or know why oil has crashed.