Elliott Wave 5.0 "Reboot"

Tuesday, February 9, 2016

Crude Oil Intraday Crash Review: Will The Carnage Ever Stop?

My last wave count did not hold, but a new one always emerges. If it is a better wave count remains to be seen.  Sure, this can keep right on going south, but the pattern has already changed, with a spike now also being formed. 

This can terminate on a zigzag this week and crude oil may rise if the stock market cranks up again. 
Investors only see doom and gloom and the crude oil is just part of it. It's a feedback loop as stocks go down it shows no hope for oil. East coast Inventories are  bursting at the seams and are far above averages with the world or the mid east pumping as much as they can as well.  

All it would take is a little bit of news that demand is getting bigger than supplies and crude oil becomes the new bull market on the block.