Elliott Wave 5.0 "Reboot"

Thursday, February 11, 2016

“There’s simply no bullish case for oil right now,” Gundlach said.



All the bearish news you hear comes from  experts reporting on the fundamentals. Besides the $20 price target being constantly regurgitated, the experts simply reflect this heading.  There is a huge difference between the March and April contracts, but eventually the April contract will reflect on what happened in the March contract.  Oil crossed to a new low with a three wave crash which we are not able to see, unless I post on a 5 minute scale. 

When this happens, it can always mean it is part of a diagonal 5th wave, or part of an expanded pattern, or worse yet a triangle is about to form. Oil is back at the $30 level as it started to charge up late today.   Unless I force it or fake it, I can't make two trend lines fit on the down slope. 

I am right down at the Micro degree level with a few degree levels still showing but unlabeled. 

The gold/oil ratios have been in the low 40:1 range, which is the bullish indicator that nobody talks about. A market has to get to the extremes before it's over.