Elliott Wave 5.0 "Reboot"

Thursday, February 25, 2016

WTI Crude Oil Elliott Wave Count Review: What If?



Every move that happens, I always try and look for alternates whenever fast moves have been made in one direction and this crude oil move fits that description this morning. Yes, it can still turn into the impulse that eventually will happen, but a least a correction should happen. 

At worst this could be a triangle  where crude oil will make another dash south just so all the bears get confirmed again in still being right. The bears are playing with a ticking time bomb if they think they can get away clean with their short trades. 

The crude oil charts have been at record lows  already with several technical indicators to back that up, so even if oil heads lower it will just be setting up the next set of greedy bears.  Yes, I call them greedy as if a one year bear market is not enough, they are still trying to get more downside profits.

This is the equivalent of going long at the peak in the 1929  stock market.  All those that constantly run with the herd pay no attention to any potential trend change except for the short term.

So far this April contract is still holding with a $33.50 top, and some sideways action would be nice to trash my short term bearish wave count.