WTI Update

The price appears to bounce back as expected, with OPEC+ output curbs finally biting. Russia announced a voluntary decrease of 500 kbd that will remain through the end of August.

The technical context entails an acceleration in wave [3] of iii.

Most ElliottWave traders aim for a third of the third when the price moves a considerable distance with no noticeable pullback.

I don't have any alternative options now, but given how difficult it was to pick the bottom, I won't celebrate until the end of the move.

The larger picture stays unchanged. Either a triangle as wave Y of (X) that will last until the end of 2023 or a more sharp rally as wave C of (X) (black labels).

I'll reiterate that waves wxy of (b) and [w][x][y] of wave ii are a little complex, which is typically a bad sign. However, I'm struggling to come up with an immediate bearish scenario.