Oil is back on the table

Brent crude's impulsive advance has changed everything. From a wave 2 consolidation, we are back into the possibility of a third-wave advance. The word impulsive refers to the Elliott wave five-wave rise that we see on charts. Five waves up indicate that the trend is up and not down. This means higher levels are possible even after pullbacks. This change in trend, following the recent return to war, shows that the situation is getting worse again and is far from resolved. The world is not exactly prepared for oil shortages. We survived the first round but can survive a second. Time will tell.