Brent Crude Weekly Chart Review

The futures charts for Brent are very thinly traded, compared to others, so I can only post weekly charts. WTI Oil has been tough to nail down and Brent does not seem to be any better.  Every professional wave analyst can count 5 waves down as that can be easy to see in WTI oil, but in Brent we have a different ball game, where it produces no clear cut 5 waves down. 

The last part of the 2015 decline can even be an ending diagonal, which can be found at the tips of any “C” wave decline. The two parallel lines fit without too much cheating, so that can give us the framework for a potential triangle still in progress. I’m showing Intermediate degree letters so in this case the mid 2008 Peak Oil scam would be a Primary degree.   At this time there are still too many positions that need work, but all the degree levels can be changed at a later date. 

I think there is a slim to no chance that WTI oil is going to make a 5th wave nosedive without Brent following right along. At best we may have a diagonal 5 waves down, which completed in early 2016.  Brent may have bottomed already as WTI is on a good bullish run with the intraday charts.   I think we still have the C5 leg of a bullish phase to go, and they can soar dramatically when they want to.  I try to stay open minded about potential “C” wave  bull runs, because they can offer up some pretty spectacular surprises.

 Oil has charged up very nicely on the intraday scale, but I would like to see more evidence that oil has the staying power to create another new bullish record high.  I have no Gold/Brent Oil ratios established, but gold crashed again this morning, creating a 25:1 Gold/Brent ratio in the process. 

I’m bullish on oil from the big picture point of view, and I think Brent will still go above $60 before it will ever fall below $30 again.