I haven't been updating my wave counts for a long time due to busy schedule outside trading. Anyway, here's the count for Oil.
On the Weekly, we can see that the move up is really a third wave up (no change in my last post).
But on the daily, we get to see why it is so strong: we were in a compounded third wave and has finally finished one complete cycle on a low degree.
What this means is that we are now in the corrective phase (as in many other instruments) for Oil and we will be seeing a lot of volatility here. And when I say volatility, I mean both up and down. But generally, I do not foresee the "ups" to be strong. Oil will still be trying to make new highs mind you. But it will be a very difficult period for traders trying to ride an obvious trend - because it will not be as clean as the 3rd wave movement up now. We are now past that phase.
Personally, I think if I am to trade this outright using futures, I expect myself to be going through a lot of mental torture because the direction won't be clear. Thus, I might consider some delta-neutral options strategies here.