This crude oil rally in the month of May looks like an inverted zigzag and can work as a bear market rally. Diagonal waves do make wild moves and can confuse us by breaking out to a new record high.
In a true blue bear market rally, this chart cannot push to a new high past that April peak of $64.89, otherwise we have to assume that the bull market had not completed in April.
In the next week or two oil should give us a better picture, but I sure would like to see oil breakout of this short term sideways market.
The Gold/Oil ratio hasn’t changed that much as at 20.30:1 the Gold/Oil ratio number is still hitting a brick wall which started in the first part of April 2019.
I will not repeat or entertain the reams of fundamental data being continuously spewed out, as it’s impossible for me to compete.
Fear of war can drive prices, but fear moves are highly overrated as they rarely last very long. Fear of war also happened in the first Gulf war so our present situation is not that much different.