November, 1, 2017 Crude Oil Weekly Chart Double Top Review

This weekly chart has $55 as a double top, so some we could get some stiff resistance at this time. Eventually crude oil should create an upside breakout as I think there is much more to go before this oil bull market is ready to die. Yes, we can experience and unexpected dramatic drop in the oil price, but I think there are far too many fast moving fundamentals still at play in this choppy world of oil. 

Any triangle I may be working we could be in a “D” wave bull market, which can still take us to the $89 price level. Gasoline did not crash to new lows like crude oil did, so that keeps and “D” wave alive as well. 

Once I calculate the Gold/Oil ratio from this weekly chart, the ratio is a bit more expensive at 23.5:1. This is still not enough to kill this bull market, as I would like to see these numbers compress much more. Taking a reading once or twice a week should be enough to see a potential extreme creeping up on us.  In the long run electric cars my kill the petrol driven cars, but that has to be a natural market driven process. If electric cars are a natural  good thing, then there is no need for governments to kill all fossil fuel driven cars. 

I don’t think the electrical grids can handle all these electric cars on the road, as all it would take is overload the grid and the majority of electric cars will be sitting going nowhere.  Any wild solar storms or solar hurricanes can do major damage to the electrical grid and all major satellites and ISS out in orbit, also get dragged down by solar storms.

Every chart I create, be it intraday, daily, or weekly will produce different patterns and prices, so the wave counts do get scrambled many times.