What we know is that it looks like wave C is in (the end of the downtrend). And we’re in wave 1 (the first up-move in a new uptrend). So, that means we’ve got advancing waves 3 and 5 still to go.
We know there are resistances around $7, $14-$16ish, etc. that will challenge it some of the way up.
Wave 2 could be a shallow or deep 3-wave pullback or a 5-wave sideways move. So, until it starts unfolding more, we won’t likely have much accuracy on that particular wave. But the above is what we do know. Plus, we know that oil is trending higher and heading into higher and higher prices per barrel, which is good for stocks like RIG, that need those higher prices.