A 4H chart setup has been presented here, further to what was discussed last week. Crude correction seems over for now since it is bouncing from a fibonacci 0.618 support of the recent rally from sub 42.00 levels through 48.50 respectively. The earlier wave count from 37.00 levels, more or less confirms that Crude has formed a reasonable bottom at 42.00 levels and that the commodity is expected to print higher highs and higher lows from here. Crude is trading at 44.70/80 levels for now, holding its fibonacci support and producing a bullish morning star candlestick pattern as well. Immediate support is seen through 42.00 levels, while resistance is seen through 48.50 levels. Please note that the RSI is also turning from 30 levels, supporting for a continued rally.
Initiate/remain long, stop below 42.00, target is open for now.