Chart had a bullish HVF breakout but did not reach target. Despite overlap of wave 1 and 4, selloff appears to be Elliot Wave bear trend. New target for price of oil is bottom end at $32
Quick retest of funnel level, tapped it then continued up with speed. This is bullish price action after FOMC and although i do not expect it to get above 54, the strength to hold the funnel level and continue up is enough to make the bear case here weak currently.