Elliott Wave 5.0 "Reboot"

Friday, March 11, 2016

WTI Crude Oil Intraday Review: Bullish To The Last Drop.

If we are in this world oil glut and the prices are going up already, I sure would love to see how high the price of oil will get when the next shortage arrives. I might make fun about this, but it is entertaining when the markets do the opposite of what the herd was expecting.  

At this time we have had a very good run but this can't keep up forever.   Any decline should not be a return to the bear market, but the pattern of any decline will be critical to watch. Besides, I think we would get more of warning when a big ending is getting closer. 

I calculated the gold/oil ratio with the April contracts and we are still sitting at a healthy 32.60:1 
We still have a long way to go until oil shows us it is extremely overbought. 

Short term I'm bearish, but longer term I have to remain bullish.