  The main aim of this work is to use a model-independent approach, along with
late-time observational probes, to reconstruct the dark energy (DE) equation of
state $w_{\rm DE}(z)$. Our analysis showed that, for a late time universe,
$w_{\rm DE}$ deviates from being a constant but in contrast exhibits an
oscillatory behavior, hence both quintessence ($w_{\rm DE}> -1$) and phantom
($w_{\rm DE} < -1$) regimes are equally allowed. In order to portray this
oscillatory behavior, we explored various parametrizations for the equation of
state and identified the closest approximation based on the goodness of fit
with the data and the Bayesian evidence analysis. Our findings indicated that
while all considered oscillating DE parametrizations provided a better fit to
the data, compared to the cosmological constant, they are penalized in the
Bayesian evidence analysis due to the additional free parameters. Overall, the
present article demonstrates that in the low redshift regime, the equation of
state of the DE prefers to be dynamical and oscillating. We anticipate that
future cosmological probes will take a stand in this direction.
