Eye On China As Oil Enters New Upleg

July Crude Oil rocketed 5.8% from Friday's low at 76.17 to yest's high at 80.62. I am not sure there is a good excuse (geopolitical risk is not the best excuse anymore), but regardless of the reason, July Crude has the right look of a completed correction from its 4/12/24 high at 86.64 to the 5/24/24 low at 76.17 (-12%), which also means that a new upleg is in its initial stages (as long as 76.17 remains a viable pivot low)...

About the excuse... my mind is wandering to China because its explosive equity market advance from January into mid-May (+151% basis the YINN ETF) could very well be the indication that the elusive post-Covid China economic revival is emerging this year. If there is a grain of truth to that idea, then Crude Oil demand should become even stronger than it is now, underpinning a climb in prices. 

This is just me thinking out loud, but it is food for thought as we watch this upmove in Crude Oil either strengthen or fizzle out...