Elliott Wave 5.0 "Reboot"

Friday, April 15, 2016

WTI Crude Oil Intraday Bull Market Review With Degree List!

In the past I have only shown the degree list I use to those that have donated some monies to this blog. The degree list is critical in understanding any wave count from any wave analyst, well just about.   Many makeup their own little color degree stacks, but then they smear the entire chart with crap where the color scheme makes no sense at all. In other words, I read it as baffling us with bullshit so they can always be right. 

To use this list, the numbers are "always" corrected by letters starting with one degree lower.  Any jump away from staying in sequence can force a wave count that is nowhere near  reality, and next thing you know we are in a higher degree that has never been confirmed. 

Crude oil has seen some of the worst forced wave counts created by a throw-over and throw-under trend lines. To get away from forcing wave counts I only use a parallel set of trend lines.

One of the last wave counts I saw put out by EWI has a very bullish move to it with some mythical "Y" wave.  The news I read is that the world oil glut is slowly dissipating as many of the fears have not materialized. Supply destruction, and Irans inability to push higher production due to may countries not wanting to do business with Iran as many sanctions are still in place.  

I could go on and on but there is nothing new to what the wave pattern is not telling us, already.

It looks like a correction has finally started, but it now is a test to see how deep it will correct again. Crude oil did not break to a newer high which eventually it must do to keep the bull market alive. 

I am looking at a potential wave one top as 5th waves can extend dramatically.  Hopefully there is not a triangle building here,  as that would take crude oil very deep with an "E" wave bottom.  

There will be no more postings this Friday afternoon, but will update a few on the weekend.