Oil traders remained true to their recent selves. They reacted to a smorgasbord of headlines, driving prices to highs not seen in two weeks and resulting in a rather impressive recovery of nearly $12/bbl from low to high over five days, basis Brent.
In the early days of technical analysis many of us were besotted by the Elliot Wave Theory. Positing on recurring wave patterns caused by collective investor sentiment impulse, integrated with Fibonacci correlations, Elliot Wave would give an insight into developing trends. While elements of it still exist, the theory is now debunked by most because of the subjective values, applications and more importantly how the waves were read.
Hope for a ceasefire in the Middle East and the complete, or at least partial, reopening of the Strait of Hormuz was not exactly dashed last week, but once again, promises of an imminent deal proved premature. President Trump called off a decisive military attack on Iran a week ago because “the perimeter of a deal has been agreed to.” His Treasury Secretary was quick to assure markets on Tuesday that “freedom of movement” was only hours away.
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