Crude oils starting pattern was not an impulse, but yet it roared to life traveling much higher than expected. If this bearish rally is still true, then a complete
retracement should still happen and when It does, I will turn very bullish when we get close to its conclusion. February the 11th was also a low for crude oil at this time, so this adds to the long term bullish scenario that I have.
In any bullish phase I would be looking for "ABC" corrections big and small as after these "ABC" corrections are completed another leg up will continue. It is when these same "ABC" turn and start becoming inverted "ABC" patterns, then we have to wake up to the fact that oil will crash.
Oil will rally because fundamentals change faster than you can change a sailboats direction in a squall and the herd is just too slow to adjust quickly enough. They keep regurgitating the same crap until they start to believe it themselves. When your friends repeat the same analysts then this information is already old worn out and irrelevant. How many times do we need the herd to tell us that the world is in an oil glut? The next time you see oil point down again, you will read the bearish news stories become the main topics.