Oil update

Looking at the news, there's news about oil falling under $40. Assuming that's under "the low" on this $WTIC chart, then it causes me to question whether there's a possibility of a diagonal that needs to play out for the fifth wave of "C" on this chart. Meaning that the recent rally up may be a second wave of a 5th wave diagonal ... will see ... Certainly interesting in juxtaposition with the movements today in dollar, gold, and bonds.