Monthly USOIL 🔥 This Chart is Awesome

Insanely beautifull chart! Kudos to Tradingview for putting together the history of oil price on one chart. You can see a clear I-V sequence in the first wave (I) of supercycle degree since oil discovery by Colonel Drake in 1859. ABCDE as a forth wave after Arab oil embargo, which stretched up until 2000s shaped by the crisis of 80s and Asian crisis in 90s. And a run up in wave 5 to $147/bbl fueled by China's growth. Then a clear abc in wave II with c as expanding diagonal with prices going negative during COVID shock (let's treat negative prices as an abberation).

Now we might be starting wave III in oil which will bring the price to '000s. But not immediately as I mentioned in my earlier post with weekly chart. It is likely to take many decades.

If you happen to have any other long-term counts of the oil price - please share.