Elliott Wave 5.0 "Reboot"

Monday, February 8, 2016

Crude Oil Intraday Price Action Review: Just A Correction?



My impulse wave has broken down to another pathetic choppy rally, which also is traveling very sideways right now. This usually does not last for very long and will eventually break out, into some unexpected direction.  The age old relationship to gold has also taken its toll as the gold/ratio is constantly reminding us of that fact.   The gold/oil ratio just hit 37:1 with the April contracts and is still a far cry from the normal of about 15:1. Flip the numbers around and try to predict were gold should be, is 15X$32 = $480 for the price of gold.  I always use gold as the money, as oil has no real life span when it goes up in smoke out the tailpipe of our cars. 

Crude oil is far too early to even hit a zigzag top, but a triangle could be in progress where we could see one more push higher.  If this push is very choppy and erratic, then it could be confirming a "C" wave bullish phase.