Crude Oil August Daily Chart Crash Review

Just by switching between daily and weekly charts and with little effort, we can create different wave counts at will.  On a weekly chart the two overlapping waves are very hard to see, and the price peak also changes.  I think the problem is so bad that I see many wave analysts counting with, (WXY) waves.

This morning crude oil stopped at $43 and is in a small rally. It would be nice to see the end of this bearish run, which has now stretched into the 6th month.  Wishing for it to end and really ending is always the chance that we take. We have talked about that $44 price level many times before, and now crude oil is pushing all the bearish buttons, constantly trapping the oil bulls.

At this rate, I may have to switch and count the January 2017 high as a 4th wave top. That would be the worst nightmare position  to be in, but in the long run this super bearish scenario is still a long way away. Mind you, when oil goes down for the kill, it can do this very rapidly, but also turn on a dime when a new low is established.

Due to the little spike we have, I’m expecting a rally, but how long and how far the counter rally can go to, is also a crap shoot.

All the bearish forecasts in the world will mean nothing if they have no clue where the oil price will go after any bearish price low has been achieved.