Chart of the day

Oil is testing the strong support of 79.60. This bounce could lead to an extension higher in the fifth wave if we get a confirmed break above the falling wedge resistance of 83.40

I see this still as a finish of the long-term upside five waves and the final short-term fifth wave to be in progress if we do not see a break below 76 and we see a confirmed breakout higher above 83.40 which is also the mentioned falling wedge resistance and a key Q4 20203 upside resistance now.

Long trades are favored to be opened here with the stops just below 78. I prefer the long trade. The invalidation level is much lower and there is a significant support zone below.