Waves are very clear on chart, but is the market in correction? The weak rebound to the 1.5 fib ext level has me thinking correction. In addition, the rising wedge pattern is usually a bearish pattern.
I also think that there are lest two major factors to support this.
1) End of summer travel for vacations will curb fuel usage.
2) Lack of schools returning in person and thus all of the extra buses and cars. I know that traffic doubles/triples when schools and universities go back. I always dread that during commuting.
The only thing in the short term that can help this out is reduction in oil supply.
For the long run, curious if heating oil will drive up demand in the winter months as more people stay home and keep their homes warmer, instead of setting the temp down during the day. Most businesses will still keep the heat on for the few workers that still go in. That could be the start of the rebound and new motive wave. hopefully we beat COVID by spring and demand spikes as we come out of winter and have spring fever.
I also think that there are lest two major factors to support this.
1) End of summer travel for vacations will curb fuel usage.
2) Lack of schools returning in person and thus all of the extra buses and cars. I know that traffic doubles/triples when schools and universities go back. I always dread that during commuting.
The only thing in the short term that can help this out is reduction in oil supply.
For the long run, curious if heating oil will drive up demand in the winter months as more people stay home and keep their homes warmer, instead of setting the temp down during the day. Most businesses will still keep the heat on for the few workers that still go in. That could be the start of the rebound and new motive wave. hopefully we beat COVID by spring and demand spikes as we come out of winter and have spring fever.