Elliott Wave 5.0 "Reboot"

Friday, January 22, 2016

WTI Crude Oil Intraday Bullish Phase Review: It's Only Rock And Roll and I like it!



So far this has been one of the best impulse waves to form in a long time and you got to love it. On the 20th crude oil hit a low and blasted up with very nice impulse waves at this time. This is what I look for to give us the distance as impulse waves compound on top of each other as they point in the direction of a new trend. 

I started at the Miniscule degree level as the last thing I want to do is push us into a higher degree where there is none.  Where my big fat arrow is, is where a new count is starting from and only time will tell us if this is also a false bottom.  I cannot tell you how high this can go as on a bigger scale it can retrace the entire crude oil crash since Peak Oil in 2008! 

The best I can do is track it and be alert to the fact that any wave count can fall apart at any time because we all count from different peaks or valleys.   We also can count 3 waves as 5 waves which destroys any wave count instantly. "Shoehorning"in an Impulse where size is and obvious issue, then this destroys any wave count as well.  

This March contract bottomed at $27.56 and also produce an extreme gold/oil ratio of 40:1. The last of my bullish consensus numbers were in this Tuesday, so I will not have any new numbers to report on, until faithful donors step up to the plate.  

Crude oil had already hit a low of 9% bulls and heating oils smashed the 8% level with the lowest reading I have run across belong to our Canadian dollar with only 6% bulls left in the survey. Our CAD took the same nose dive as oil did which should also see a bullish phase. Our CAD is at 70 cents already this morning.