usoil will be completing its impulsive wave then retraces >78.6%

2022年8月25日

usoil is waiting for its final leg upward to complete its 5 wave and then will start its correction which could be more than 78.6%

market seems to be shrugging off global recession talk this week with the focus primarily on supply issues. But the upside momentum seems to be stalling. The charts indicate there is plenty of room for the upside before the market reaches strong resistance, but it may take heightened supply disruption news to spike prices higher.
These events include disruptions to Russian exports, the potential for major producers to cut output, and the partial shutdown of a U.S. refinery.
Worries about a nuclear deal between Iran and Western powerhouses could also be limiting gains.If signed, Iran will bring upwards of about 1 million barrels per day of crude to the market. Prices could be pressured over the short-run, but over the long-term, it won’t be enough to offset the loss of Russian output.

also we are keeping eye on USDCAD wave structure to get better view how oil will move
any comments please share
tnx