Elliott Wave 5.0 "Reboot"

Wednesday, March 9, 2016

Crude Oil Intraday Bull Market Review: Oil Glut What Oil Glut?



Just kidding folks as we all know about the world oil glut.  We have been brainwashed  by  the parrots that regurgitate this material over and over.  What they don't know is that all the fundamental news is a lagging indicator. Think of it like having a ring through a big bull or a big bear's nose, and you are the price boss. Those two animals will follow you anywhere with the slightest tug on the ring, but always trailing behind.   The bearish phase ended just about a month ago, and chances are you will read more stories that supports the bullish phase once more. 

When the new set of parrots line up on the tree branch, calling for $80 $100 or even a $200 oil price, then, crude oil will be ready to crash or correct once more.  

The price moves first and then fundamental news follows.  All the bearish news we have had about crude oil has all been generated before during two other major world oil gluts, and all those stories disappeared as well.  Higher oil prices rise the less we will hear the bearish news and when the bearish news does come out, crude oil will shrug it off and resume its course. 

I have applied an extension as crude oil made one more push to the upside, and if this market is going lower then we should see some type of an ending type pattern, even a triangle would help. 

Hopefully this bullish phase is getting more advanced as it is getting past the point of a bear market rally.  I may have to cheat and use the real 3 wave bottom as a wave 1-2  but I will not do that until this run shows some real exhaustion. 

I start with a very small degree and I am down to a Micro degree, but will adjust when I consistently start to run out of degrees. 

 The biggest trend up may be a potential "E" wave bull market, but I would need crude oil to show some very good impulse waves if this is not the case.