USOIL Now in the h4 trendline of oil is going on downtrend , this is probably the case with news influences. now in the $ 60 price the oil had a bearish flag where the seller broke it. And a full wave of elliot wave is expected from 1 to 5 , where the first four (1,2,3,4) waves are formed , and only fifth wave is expected (Wave 5?).
In the following comment you have and education over 5 (WAVE) of Elliot Wave.