Taking the scenic route instead.

Oil seems to be doing what was expected, an a-b-c. The low (March contract) was at $44, the high will be close to $59 (about 25% up). If this does turn out to be an a-b-c correction then we have not yet seen the lows!

$51 now looks to be a good target, this is on the Feb. future!

Here we have the crude oil futures  (this time G which is february, which trades about 50 beeps higher than the january one when it matured). So far at least, the idea that this might be a triangle looks pretty plausible so a 5th wave down may still be in the offing. Now that the Saudis have made it clear that they might stick to this course even if the stuff drops to $20.