Most of my intraday charts are at the 90 min scales with 500 bars. I like to use the same settings all the time which helps to stabilize the charts. At the top which I think is wave 2 in Minor degree, the death cross developed and the rest is now history. After every death cross comes a golden cross, so it would not take much of a price rally, before oil would be back in a golden cross situation.
The trend line I have will not hold and when it breaks out then it gives me a clue that one higher degree is still in play. The $55 price level would be the first price target, but the entire rally can go much further.
Even now I can draw a bullish wedge which is also very bullish at least in the short term.
The Gold/Oil ratio has not changed all that much and is around 25.7 and hitting the ratio brick wall. Oil crashed from a ratio of 20:1 so a 25:1 ratio is not all that cheap just yet.
Hopefully, we’ll know by the end of the week if another little bullish phase is in effect.