Sharing here how I had analyzed CrudeOil chart yesterday.. (This is not the only way to look at this chart. Other's opinion may vary. )
To me, while doing any kind of technical analysis its important to keep the entire market structure in mind. (Bigger Picture). So with a top down approach, I start from major trend, then intermediate and lastly minor trend. For intraday trading, where minor trends are traded in the direction of intermediate trend its important to see how price is behaving in intermediate timeframe.
Hourly chart for Crude shows a clear uptrend.
Now in minor chart ->
We had a minor sideways, and price broke out of the range on upside. Intermediate uptrend was continuing, and minor trend was gaining strength. There we had minor consolidation post breakout., Any break from the consolidation in the direction of Minor +Intermediate trend is a strong BUY signal. Thats what we got and price smoothly went up to 3200 +
Vijay was right on double bottom. We need to anticipate double bottom after a sustained downtrend. Adding one more point, before anticipating double bottom always look for sign of exhaustion in the prior downtrend.