I think my 5th wave up was a diagonal wave which ended on a spike. Spikes have a tendency to also bring about big reversals. Crude oil counter rallied pretty nicely in a typical choppy pattern, and has now proceeded with another push down. The lead into all this sure looks like it contained 5 small waves so another zigzag could be in progress.
Oil would be in big trouble again if this were a lead into 5 waves down. If this continues, then we should get supporting bearish news after the trend is obvious. When any bearish news comes out and oil starts to go up after
,then this would be a good thing, because all the bearish news in the world cannot not kill the oil bull once it is real.
One good surprise can turn this correction into a diagonal 4th wave and then we would get yet another leg up. If I see a nice straight leg down then when it comes close to an end, I will turn very bullish one more time.
I guess if this bull market is fooling us again, then at least it is fooling us we pretty good looking impulse waves. I have had my belly full of these bearish rallies in oil and I am happy working something else for a change. Nothing is for certain expat that markets move from one extreme and then to the opposite extreme. If it is one thing and that is oil definitely has seen one major extreme this year.
If the 2016 low price of crude has happened on the 20th, then all future declines will be corrections only, so the higher the oil price is going the further distance it would have in hitting another bear market low.