I see that as a final stage of rise in WTI now. For any set up , first there must be 5 waves down + 3 waves up to form a confirmation. Substantial divergence with RSX1h is in place, that's why I think of WTI being in the wave 5 but not in the extending wave 3. Still higher levels from here are possible. This rise looks like short squeeze for me which consider this rise to be a short term affair.
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Possible impulse down is in place. In case there is a clear 3 waved rise there will be the rirst confirmation of the turn to the downside
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BS - there is first impulse to the upside as a part of the ZZ in ((ii)). ALT - there is one more high ahead
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Basic - in B of (2), where ((a)) was an impulse. This B is still in development.
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There is a possible start of the bigger decline on the 15min timeframe. RSX1h is still to the upside, so it is very aggresive now to turn short, but if this is the Basic scenario is in play, there should be a rapid decline ahead
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The possible wave B of (2) becomes more sophisticated. There is possible triangle in ((b)). If that is the case the rise in wave ((c)) of B of (2) is expected from the current levels. ALT - rise to one more high
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No triangle anymore. Possible start of the wave C of (2).
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Possible new high within (v) of 5. The decline looks corrective now (in three waves). ALt - is still in place 1-2 sequence, will be rejected if the price moves above the start of the possible wave ((i))
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Basic scenario - in the wave 5 of (1) ALT - only wave (B) of ((2)).
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It looks like possible triangle in the wave ((iv)) of 5. If that is the case than it is the wave (e) down left to finish ((iv)). The main alternative is that there is some corrective rise in (B) of ((2))
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In possible (iii) of ((v)). If that is the case than there is some upside potential in (iii)-(iv)-(v) sequence.
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Very close to the Basic scenario decline level (overlap of the i wave). Nevertheless the decline from the last top can be some corrective OR ALT that is 1-2 sequence to the downside in (C) of ((2)).
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The market rejected the labeling with triangle in ((iv)), so I have changed the Basic scenario labeling. It is now a diagonal in the wave ((v)). So according to this scenario WTI is in the last subdivision in this ((v)). ALT - it was the wave (1), but also suppose downside potential from current levels. RSX is down, so all is needed is 5 down+3 up sequence as a confirmation.
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Basic - The decline in wave (2) of ((3)) has started OR even decline in ((2)) ALt - there is just wave (iv) of ((v)) of 5 of (1) of ((3)). The shape of the subsequent rise will give the answer
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BS - some more upside in wave c of (ii). The shape of this (ii) can be a DZZ or FLAT (if current c will be in impulse shape). AS - the wave ((iv) has been finished, this is the rise to the new high.
Trade closed: stop reached
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There are too many updates to the original view, so I close this one and open the new one. Nevertheless, the Basic scenario still about the possible downside potential.