Crude oil is probably the raw material, the world economy depends the most on. That is why we think its price trends deserve to be closely observed and, if possible, predicted. On the next chart you will see the whole price action of crude oil for the last 7 years.
The 2008-2009 crash should be counted as an impulse, so we label it (A). This means that the whole uptrend since the bottom of 34$ per barrel in February 2009 is corrective. To be more precise, it looks like an unfinished W-X-Y double zig-zag. Three waves for W and a triangle for X means we should expect another three-wave rally for Y. The daily chart below will give us a hint of what is left from this Y wave, which, by the way, should complete the whole wave (B) retracement as well.
As visible, from the end of the wave X triangle, there is a perfect 5-3 Elliott Wave cycle, labeled A-B. So it seems, that crude oil has already made waves 1 and 2 of C to the upside. If this is the correct count, we have to prepare for higher prices, even above $120.00.