US Oil update

Oil is in the monthly demand zone, so an uptrend can occur at any time. The current pattern could be an initial daily bullish pattern, which could lead to a daily bullish wave if the uptrend continues. If so, it will reach the weekly supply zone, and as it becomes a weekly correction pattern as a whole, it can lead to a weekly down wave again. However, if it gains support in the weekly supply zone, it can expand into a monthly corrcetion process, which can be a pattern that can lead to a long uptrend, especially if it breaks above the blue support line at the top of the chart and settles.