Brent Crude

It is possible to mark the entire rise in oil prices from the bottom that it made in November as a 5 wave move the recent top. The rally has been backed by a tight supply market supported by cuts in production by the OPEC, and more recently some geopolitical news. The entire move up is part of wave 3 and so far 3=1 has not been reached. I am therefore marking it is wave 1 of 3 and will be watchful of wave 2 pullback if that happens. The initial support will be near 65.40 and if that breaks it will be followed by 60.43