Tensions OVERESTIMATED, Price action WEAK

If you can remember back to the Saudi Aramco attack then you can also remember the peculiar price action. The attack caused the crude price to shoot up an incredible amount just to give it all back and then some over the course of a week. This is because Aramco released a statement announcing production would continue as normal... The recent tensions with Iran have not affected crude oil IN ANYWAY, markets are simply pricing in the potential for continued conflict in the area... Prices may have shot up recently but nowhere near to the extent as the Aramco attack... War is unlikely, all the tweets Trump is coming out with are simply a show of power to Iran and similar countries... Once people begin to realize NOTHING has changed with crude oil supply/production prices should fall similar to the Aramco attack... Prices are up against overhead resistance on the parallel channel, sloppy upwards price action as well...

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Comment:

"All is good!"- Trump. Very confident prices will continue downwards from here.

Comment:

Small rebound here... possibly into the end of the week and should continue down severely after that... This would be considered the first impulse wave of 5 down.