Another Oil Crash Is Coming, and There May Be No Recovery - Bloomberg Business
I'm not going to brush off what the author is talking about as it does make sense in the long run and only if electric cars can make inroads as fast as they think it can.
Since I have the beginning of my large degree oil wave count starting back in 1859 then crude oil could only see a life span of one single degree in Supercycle degree. I could even make the case for 5 waves in Cycle degree before it died. When and if oil dies I am sure it would end with another big "ABC"
Imagine a world all running electric cars and everybody has sent the gas guzzlers to the shredders. Then one day a meteorite explodes and wipes most big electrical engines.
In an instant crude oil would be back in demand and the price would spike!
I don't think crude oil has been anywhere near a Cycle degree 4th wave bottom as we could be heading up a big Intermediate degree "E" wave. Everybody will think it is a new bull market, but I am sure the patterns will show us another way.
Short term oil crashed and then hit what looks like a double bottom before oil shot up again. The decline looks like it may just be a 4th wave rally, but diagonals look like this once we look at the smaller waves. It is futile to keep reading about the glut numbers when the decline of production, are much more important news items to look for. The verbal battle between Saudi officials and US shale oil means nothing, if the trend already is for higher lows.
Granted, it hasn't even been two weeks, but it will be more important than what the news is trying to freak us out with. The $30 price level has seen support before and when it gets volatile we know it is about to, or already in a trend change.