I believe we are about to enter wave 5 of 1 which shall be extended given the trajectory to date. It is very easy to underestimate oil price capacity to extend in terminal wave. Best example is oil price going 34 USD negative or whatever was that low.
I would like to ask what data can support crude oil prices continue to rise?
Fomenka
⋅
@charis8908, I tend to avoid specualtion on possible reasons.. The nearest big upmove can be a result of a EU-Hungary compromise over embargo. Then as you see the my chart allows for a deep retracement in wave 2. Possibly on the back of larger economic fallout in the developed economies. Then up again on the back of recovery, underinvestment and scarcity of oil and possibly delays and failures of energy transition to renewable sources or ... war. We will know once we get there. Technical analysis allows you seeing the turn long before data arrives. Sometimes too long before which hurts trading.