I meant to use the February contract month, but ended up with the March contract. The wild ride remains the same in both months but February is still the busiest month. I am showing you a very bullish wave count, but it is not a clean impulse so it would have a high chance of failure. What the oil market has to deal me in the long term, is one move in Intermediate degree, but 3 moves in Minor degree labeled "ABC" or 5-3-5. There is no guarantee that we have already hit this bottom, but the count has to be started to eliminate it as fast as possible if I am wrong. In December we looked like we had a zigzag type correction, which was retraced by a counter move that retraced the zigzag by 100% and more.
Then it headed south like everybody is going to stop using oil, because of China's stock market collapse. Any country that needs oil to run its economy will buy oil when it is dirt cheap, they're not going to sit back and say, "No, I think I will wait to buy oil when it's at a higher price".
Only stock investors or traders do that. :) They love to buy high, but hate to buy low.
It still amazes me how they all loved oil when it was heading
to $147, now they can't short (sell) it fast enough. Of course they will eventually notice that they are in a big bear trap, and then you will see that they cannot buy it back fast enough but will have to pay much higher prices.