Elliott Wave 5.0 "Reboot"

Tuesday, March 1, 2016

WTI Crude Oil Intraday Bull Market Review

This all happened in one day!

Bull market? What Bull market? Isn't oil supposed to go to $20?  We are still short about $8.75 from hitting the $20 price level. Wow, the herd of analysts are so good when they can forecast a price to even get this close. The fact is they are about 7+ years too late as this bear market has been going since the 2008 peak.  At the 2011 peak they said oil was not going to fall below $100 again. 

What all those parrots will not tell you is about the bull market that will always come after a severe price shock has finished.  That will not happen until oil makes a few more higher highs. 

Next thing we will hear those great forecasts for oil when it is at $49 and then to go to $50, and then when oil hits $79 they will forecast it to go to $80, as each time they will revise their opinion upward.  

After everybody in the world sees that oil is on a trip north they will all come out bragging how they saw this bull market coming! Sound fictional? Not really as it is pretty standard for fundamental herd or flock forecasting. 

The exact reverse happened at the oil top in 2008 when no consensus analysts could even see a bear market nevermind a correction. Even when oil started to back off from its major top, of $147, they were still giving out very bullish $200-$300 oil forecasts. 

 This has been very well documented so nobody can convince me that consensus fundamental forecasting has any value at all.  
Even if oil made one more dash to the downside, the fact remains that a bull market will ensue.