oil is in correction phase after completing 5 impulse wave

oil is now in correction phase as it is making wave 2 of its bigger 5 wave impulsive wave

fears of recession and lower demand due to aggressive central bank interest rate hikes are mentioned for the sudden shift to the downside as well as reports that Iraqi crude exports have been unaffected by domestic skirmishes. These events push prices higher the previous session.

there is a lot of noise out there that comes into the picture when you start looking at the Iranian deal possibly allowing for more oil into the market, a slowdown in production, but at the same time we have OPEC suggesting they may cut. In other words, expect more back-and-forth volatility