Taking a look at something other than Crude Oil for a change.
It appears that Copper is out of a 10 year bear cycle and a bull cycle started in 2016.
A look at the beginning; you can see wave 3 hit the 4.618 extension of wave 1 perfectly and then corrected perfectly to the 0.236 level for wave 4 >
If you add in the subwaves of wave 5 there is also a nice 0.236 correction of wave 3 for wave 4 >
All that would suggest an impulse move up and 4.0505 was the end of a larger degree wave 1.
If you look at the following years from 2006 to 2016 it appears to be a multi-year correction in the form of WXYXZ >
It completed at exactly the 0.618 level at 1.9300 > 
Looking at recent time it looks as though the first impulse wave up is completed and now in the correction, possibly to the 0.618 retracement area before up for wave 3 >
A look at daily level we could be in wave B of Y >
the 0.618 extension lines up nicely with the 0.618 retracement level.
Something to keep an eye on I think as it could turn out to be a nice long trade with a stop loss below 1.9260
It appears that Copper is out of a 10 year bear cycle and a bull cycle started in 2016.
A look at the beginning; you can see wave 3 hit the 4.618 extension of wave 1 perfectly and then corrected perfectly to the 0.236 level for wave 4 >
If you add in the subwaves of wave 5 there is also a nice 0.236 correction of wave 3 for wave 4 >
All that would suggest an impulse move up and 4.0505 was the end of a larger degree wave 1.
If you look at the following years from 2006 to 2016 it appears to be a multi-year correction in the form of WXYXZ >
Looking at recent time it looks as though the first impulse wave up is completed and now in the correction, possibly to the 0.618 retracement area before up for wave 3 >
A look at daily level we could be in wave B of Y >
Something to keep an eye on I think as it could turn out to be a nice long trade with a stop loss below 1.9260
Nota
Didn't break below 1.9260 on the March 20 dip and now looks to be in the midst of wave 3
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.