Confirm end of correction

First bullish wave starting from 2016/01/20 to 2016/06/09 from 27.08 to 52.83 per bbl.
Then a correction from 2016/06/09 to 2016/08/02 from 52.83 to 41.49.
Correction time is just 0.382 days of the first bullish wave.
Current price development is looking like another bullish wave starting.
Targeting of this wave is as following:
First stage TP: 50.93 to 51.94. (Almost reach)
Second stage TP: 53.12 to 55.75.
We enter our long position around 42.21 and take partial profit of our long position at 50.50. and set our stop profit price at 49.50.
We consider to enter our another long position while price pull back.

Bullish side:
1. 13 days price above 200 MA, confirm 200 MA getting support.
2. Transaction volume come back above 20 days average while price going up.
3. 20 days MA cross 300 days MA, and 10 days MA cross 50 days MA
4. Demand in Spot physical market is still strong in China, and India.
5. US interest rate seems won't increase recently.

Bearish side:
1. Major producers export hit record high.
2. Transaction volume is still lower than 3 months ago.
3. Limited the production is still in only oral expression, rumor, and does not get final confirmation.

Overall bullish but watch out testing back.