USOIL Update. A Close Up.

3 Jun 2023

Although long anticipated, the upward push last week manifested as a series of 3-3-3 waves, which cast some scepticism on the move's immediate acceleration and raised my suspicion that OPEC+ is unlikely to cut this weekend.

Here, I outlined my ideas within the context of the bullish trend. I am looking for some wobbling before the price starts rising again.

Also, this caused me to reevaluate my views on the overall situation and look more closely at UKOIL (Brent) and Gasoil 4-hour charts.

I will do this in a series of upcoming posts this weekend, which I will compile in an article for future reference on the website, along with some analysis of the geopolitical environment that might shape the Elliott Wave patterns I anticipate in the upcoming few months.

Stay tuned.