Elliott Wave 5.0 "Reboot"

Thursday, February 11, 2016

Monthly WTI Monthly Chart Cycle Degree Review 1980-2016

My wave counts are a far cry from all those wave counts that have a run of 5 waves in Primary degree in them.  They say only price can confirm a wave count, but I think this is a false belief. 

There is no way of knowing without looking at the big pattern if a Primary or Cycle, or SC and GSC degree bottoms are happening.  Who is going to know if a bottom will end at $21 or $19.99  and at what degree its supposed to be? Even if we were to get a very ugly bottom nobody can identify the crash that has taken place so far. It all depends on where we count from as many think the crash started in mid 2014! 

I am confident we are witnessing an "ABC" zigzag crash, but are any of the other wave counters seeing that as well?  If they were, wouldn't they also talk about the bull market that will come?

Most are waiting for $10 oil so chances are slim, we will hear any bull market talk anytime soon.

Technically speaking any oil "ABC" crash will retrace by at least 100%, with a potential double top matching the 2008 peak.

If that happens then oil would be creating my "B" wave top in Primary degree, followed by another massive crash with 5 waves down in Intermediate degree.  Then when it hits $10 we can see the end of a Cycle degree 4th wave, with a triangle in the "B" wave.  

We are presently close to, a 4th world oil glut since the 1980 peak, and this one will dissipate like all the others. 

Some story is out about how Obama is killing big oil with talk about a $10 price charge, this is coincidental bullshit, and they are using the present oil crash as proof in what they are saying. I think it is a big line of crock as this new energy source seems to be solar power. 

It's all a big secret, but is broadcast on the internet regularly. This secret energy source must be as valuable as Cokes formula, or Colonel Sanders fried chicken recipe.  Imagine millions of experts not being able to figure out what the new secret energy source is all about, yet every billionaire that is dumping money into this does.  Are they that stupid to dump billions into an unknown energy source?