Time for a pull back in oil price

Oil price has reached our target area while the form of the rise looks like a completed 5 wave impulse. This implies a pull back is close. I prefer now to be neutral and exit all longs and wait for a pull back before turning bullish again.

1

Oil prices have made 5 waves up and I believe we should soon expect a pull back towards previous highs and previous resistance at 58$. This is now support. Oil price could even back test the upper boundary of the broken green triangle pattern at 57.50$.

2

Longer-term trend remains bullish as price remains above the Ichimoku cloud and the green upward sloping trend line. Cloud support at 57$ is also very important support for the medium-term trend. Only a break below 54$ could turn me bearish Oil for the longer-term. A break below 57$ will turn me neutral from bullish. Short-term view though I'm neutral waiting for a pull back to re-enter long near support of 58$.