If we see oil hit the 47.99 handle before the close on Friday, we can expect a sizeable rally to take place. If we do break above the monthly resistance above, validating this signal, the targets are, in order of probability: 58.21, 65.63 and 80.67.
Right now, this would appear like a mad man's delusion, but, it's what the chart shows as logical, and probable if all trade parameters are followed.
The next step, if you took the long when I called it, is to let the trade run, for the next two weeks, examining activity to validate the uptrend, or discard it.
Stay tuned for updates,
Ivan Labrie.