The move away from Petrodollar  In 1974, US President Richard Nixon and King Faisal from Saudi Arabia struck a deal. This deal gave birth to the petrodollar system which still lasts until this day.  The deal involves Saudi Arabia selling oil to its largest buyer back then, the U.S. In turn, the U.S. provides Saudi Arabia with money, […]

FTSE Elliott Wave view suggests that the decline to 7199.5 ended Primary wave ((4)). Up from there, the rally is unfolding as a zigzag Elliott Wave structure where Intermediate wave (A) ended at 7565.11 on 10/12 peak. A rally to intermediate wave (A) is subdivided as an impulse Elliott Wave structure. Minor wave 1 ended at […]

This week both Brent Crude and WTI (Light Sweet Crude Oil) made a new price high in more than 2 years with Brent Crude rising to $64 per barrel and WTI to $57 per barrel. These price gains come before the OPEC’s meeting later this month on Nov 30. In the past two years, OPEC has imposed production cuts in […]

Short term FTSE Elliott Wave view shows Primary wave ((4)) ended with the decline to 7199.5. The rally from there is unfolding as a zigzag Elliott Wave structure where Intermediate wave (A) ended at 7565.11 and Intermediate wave (B) ended at 7437.42.  Intermediate wave (A) has an internal subdivision of an impulse Elliott Wave structure. Minor wave 1 […]