It's time for crude oil to make or break the wave count as a potential "D" wave bottom.
All of my wave counts are Submicro and lower which puts us very close to the bottom of the degree stack.
The call for $20 oil is still as strong as ever as the world or just the east coast is awash with oil.
All the fundamental news is background white noise and is being repeated in a feedback loop, circles the globe. As fast as the wave travels around a hockey arena, is as fast as the news gets to all those who are listening. Many thousands of smart people are all watching the news and decided very quickly what they are going to do next. Anybody that hears the news 2 or 3 times is far too late.
If crude oil does head to a new record low, then, it would be doing so with a 3 wave pattern. A 4th and 5th wave would have to follow, but for that to happen oil would still have a long way to go.
What is important is that the April contracts both calculated a gold/oil ratio of 40:1 this morning, which is right back to the extremes we already had. It is the most extreme gold/oil ratio I have personally calculated. Gold would have to crash $400-$500 just to get to average or oil would have to go to about $80 to be normal. I always use gold as the money as black gold has a limited life span.
My Intermediate degree "D" wave bottom is still alive, but right now it is in limbo until this gets resolved.
Another fantastic pattern that is forming is a potential Head and Shoulders pattern, which can create crazy bounces as well.