USOIL WTI Update

What I had previously maintained as an alternative scenario (green in my previous charts) has now become the base case (black). It assumes that wave (w), and possibly wave (x), have ended and that the price can now rise to new highs.

The previous base case is labeled in red, allowing for some additional downside.

Looking at 2H-4H charts, I tend to discount the likelihood of such a scenario because wave b has grown disproportionate to wave a. Also, wave c of (x) must terminate in the territory of wave (w), which appears to be stretched if we assume an ending diagonal.