The last bottom I had did not hold, but another bottom at about the $32.10 price level was another turning point this morning. This exceeds the 2008 bottom
by a long shot, which makes for a better overall crash, and bear market lasting about 7 1/2 years so far.
The daily chart also ended with a long spike which I love to see as they make for good turning points. Will this be the low for crude oil for 2016 or do we have to listen to the endless yapping of the parrots and their $20 or $10 forecasts. Trying to forecast the price of anything with fundamentals has been a futile pass time, just ask all those fundamental analysts about the mid 2008 oil peak and
their $200-$300 oil forecast at that time, or those analysts calling for $2000 gold back in 1980!
Now the whole process has been reversed with extreme downside forecasts made by another crowd of fundamental analysts. My last gold/oil ratio has touched at a stunning spread of over 34:1, making it one of the most extreme readings I have ever calculated. If you see a chart with a more extreme reading than that, please send it to me via email, as I would love to see when it happened.
Anything can still happen in the short term, but if my "D" wave bottom in Intermediate degree holds, then we should be looking at a potential zigzag type wave bull market, for the next few years or so.
1919 was a major turning point for commodities so 2019 may have the 100 year cycle affect as well.