With the late tag of Wave 3 (top of the green channel) delayed by six months until 1/3/2017 by TPTB, wave 4 could finally be printed on 5/5/17, conveniently while all traders were laying in bed. With wave 4 finally in, we can ride this up to wave 5 @ the $59 area or with increased strength up towards $62 or beyond.
Comment:
CL still basically flat for the week. We'll see what materializes after the OPEC monthly report (MOMR) on 5/11. Also, just found out that Aramaco just finalized the purchase of the refinery in Port Author, TX. They could halt its production and shoot prices to the moon. Very strategic for its IPO coming up.
