This is the April 2016 crude oil contract and it sure keeps making the wild swings in both directions.
Any correction that I am looking for still has not happened where I can be satisfied that a bottom is in.
I also will keep the 11th bottom as a major turning point as this new record low was created with a 3 wave crash. I never treat a 3 wave crash as an impulse as they are different animals than from a pure impulse. They can be part of a diagonal or a triangle, or even an expanded flat, so never try and ignore these when I see them.
Either way this contract is going above $36 and hopefully it will do it by a large margin. This may still take a few days to play out, and hopefully we are not into some running triangle.
We also have a very large looking Head and Shoulder pattern being set up, which can produce big bounces. Remember, we were in an extremely historic low, measure by the sentiment report having a 24 month low of only 9% bulls, with the gold/oil ratio still at an extreme of a bit more than 38:1.
The fundamental analysts only regurgitate inventory levels as China and Iran will still push oil to $20 or less. I am sure that GSC degree wave counters also need oil to fall to $10 before they think this decline is finished. Those that follow Prechter and his gang of minions are all trumping the same dam wave count in
oil. Nobody has ever bothered to look or bothered to double check where oil start it's wave zero. I use 1859 and will view oil from a single impulse wave in SC degree, which is based on a wave 2 not a wave 5 extension. All Cycle degree wave counts have to be cleared up before I am satisfied that and Cycle degree 4th wave has ever completed anywhere.
Eventually any "E" wave bull market in Intermediate degree will end from which another huge crash should play out. We have a long way to go so hang on and see what develops.