Elliott Wave 5.0 "Reboot"

Friday, February 19, 2016

WTI Crude Oil Intraday Elliott Wave Count Review



Crude oil has had a good run and now has imploded, still well within the range of the previous 4t wave. It looks to good to be true if our present decline is an "ABC" correction because if it is then crude oil will push higher regardless of what those doom and gloom analysts are saying about WTI oil.  I have read enough fundamental news stories and they are all repeating the same fundamental news like it comes from a master book on scripts. China this and China that, or Iran's oil production will add to the glut.  No hope for oil to go anywhere is also a hot topic. 

I have to apologize to my readers as I refuse to follow the crap that the conventional analysts are telling us are the facts.  Fundamentals will never tell us the truth at the extremes, they only reflect what people are thinking at any given moment.  

 Besides, how many times do they have to repeat the same story? Who are they talking to?  Who are these smart investors who are still undecided if they should get out of oil now? 

The real smart money was gone a long time ago as even Buffet and Soros were late in getting out. 

I don't believe in the Millennium degree 4th wave base as what EWI is promoting, but I use the wave two base in SC degree starting in 1859.  

WTI has a real chance of being in a giant Primary degree "B" wave triangle and that a "D" wave bottom may have happened. On this March contract we hit a bottom of just a bit above $26, from which we saw another great bounce.  In the short end, I am looking for an "E" wave bull market that eventually should take WTI above $115 again, and possibly kiss a major double top matching the 2008 Peak Oil price level.