Elliott Wave 5.0 "Reboot"

Monday, January 18, 2016

Crude Oil Messages Are Loud And Clear: Lower Prices Still To Come!

Lower Bunker Prices Ahead as Brent Closes Under $29 and Analysts Warn Bottom Not Yet Reached » Ship & Bunker

Oil lingers below $29 US a barrel after sanctions on Iran lifted - Business - CBC News

Economists warn Bank of Canada rate cut could erode loonie’s value - The Globe and Mail

J.P. Morgan goes totally bearish on oil, slashes 2016 crude forecast to $31.50 - MarketWatch

This is just a small sampling of the bearish news that is out regarding the low price of crude oil. Most agree that the price of crude oil is going lower. All this bad news after a year or more of consistent declines.  How many times are  they going to regurgitate the same old story? Of course with sanctions now lifted  crude oil will really accelerate its decline or will it?

As we can see on Sunday oil made another bottom, but the waves starting out look very corrective and  my bet would be that we will see lower prices. So far this low is at $28.40 but also creating another record gold/oil ratio of 38:1. 

The economists are  also warning about our Candaina dollar, but this warning is about 7 years too late.

Our new Prime Minister has no clue what to do as he just keeps regurgitating, "we have to create new jobs". I laughed when I saw a picture of "Pretty Boy Trudeau" riding a moose!