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Normally, a day like Thursday would be considered a high probability candidate for major peaking action, a blow off top. In this situation we would be cautious jumping to such a conclusion. To have a case for a top Friday's lows will need to be broken. It is onward and upward from here otherwise.
Coming into the week I warned that DE-escalation was the greater risk. Tuesday's price action strongly suggests this line of thinking has merit. Suspect this is just a glimpse at what lies ahead for the energy complex if talk of DE-escalation becomes an act of DE-escalation.
Note: Market participants have been positioning for further upside to hedge against inflation since the start of the year. These same market participants are now positioning for an escalation with the situation in Ukraine. Contrary to popular opinion, this makes the downside the greater risk. Beware any DE-escalation. Such an outcome would likely mean a stampede for the exits and a sudden, violent wave of long liquidation.