Having said that, I have labelled my chart for what I believe is happening. I believe that Wave B can sometimes make a new high, thus creating a Bull Trap! and this is exactly what I think it is.
Let's review the 'reasons' we are told OIL has rallied up to a new high.
1. US vs Russia tensions?
2. Trade wars easing (conciliatory tone from China)?
Also, on the other hand
1. The OIL inventories are increasing
2. The OIL production in US and Canada is rising
You are likely to be a bull if you believe that the former is a perfect explanation of what has happened with Oil today. However, I don't buy it. I believe that market is simply pricing out the weak hands, before the next major move down.
The conditions are simply not there for a sustained rally towards $70 just yet.
This is simply my opinion. You have a right to your own opinion.
I am holding my shorts for now.