WTI is most likely heading into an intermediate degree trend reversal. The pattern is just another up or down-up sequence short of being terminal. Another swing to the upside transforms it into an intermediate degree zig-zag from the late December 2018 low.
The black count shows a simple zig-zag. Alternatively, the red count shows a double zig-zag. Both cases make sense with regard to the bigger picture and wave relationships. The bigger picture shows that equities and the US dollar are very close to a minor degree reversal as well. That means headwinds for crude usually.
An immediate break of 52.75 on the downside shifts odds towards the black count. The double zig-zag needs to accelerate into a new high right now.