Last analysis dated 5th March, 2013, expected to see oil move higher for the week which is exactly what it has done.

Now that there is some structure to analyse for this upwards movement I can calculate targets for it to end.

I still have just the one daily and one hourly wave count for oil.

Click on the charts below to enlarge.

Earlier this week, we saw a spike in the US dollar. After months of being stuck in a sideways trading pattern, the US dollar is starting to aggressively move upward:

New York, NY , Point Roberts, WA  (October 31, 2012) –Investorideas.com, a leader in sector research for independent investors issues an energy stock trading alert for EFL Overseas Inc. (OTCBB: EFLO) following last week’s news of its acquisition of additional rights and interests in the Liard basin gas field and facilities located in the Kotaneelee Area, Yukon Territory.

The U.S. trade deficit narrowed in May from April, helped by cheaper oil that lowered imports and an increase in American exports to Europe and China.

But economists cautioned that decline wasn't enough to alter weak growth forecasts for the April-June quarter.

The Commerce Department said Wednesday that the trade deficit fell 3.8 percent to $48.7 billion in May, down from $50.6 billion in April.

Exports rose 0.2 percent to $183.1 billion. The increase reflected stronger sales of telecommunications equipment and heavy machinery.