USOIL: Bottom may be in for crude oil

On my previous post about 9 days ago I set down target for oil at about 18-25. It got to 27.53 then we had a nice bounce up. To me the form of the upswing looks like a 5 wave up pattern. This action could just be part of a 3 wave down triangle that is still developing and might take oil up to about 36. But it could be the first indication that the longer term bottom is in. This obviously will be wrong if the previous near term low is taken out.

Have a good week trading.