WTI Crude oil Intraday Rally Review

About 6 days ago, crude oil hit a bottom. It has now been in a rally that has waves in it that overlap at critical counts. This instantly suggests another diagonal sequence has started. The challenging part about this is that crude oil can be on a bigger “B” wave bullish phase, so until another rally comes to an end with another spike, I will work this rally as a potential “C” wave in Minor degree.

The Gold/Oil ratio has not made any radical shift, and is now sitting at a bit over 28:1.  Many may be thinking that oil is dead, and that electric cars will take over. I doubt that very much, as 80% of the world uses fossil fuels to generate power, and electric cars would not sell if they are not subsidized by the tax payer. Crude oil is still in a bigger bullish phase where we could see oil above $89 again. 

Another bullish phase right in the middle of another expert declared world oil glut is pretty normal. Either oil plunges to new record lows, below the late 2015 low, or it will eventually soar again well over the near term $60 price level. One of these scenarios will end up being the winner. I believe in the contrarians ability to read the markets better than the mainstream ever can. 

Oil is making another correction as I post, so it will be a test to see if another leg up appears.

Deloitte: Oil Firms Face Increasingly Sophisticated Cyber Attacks | OilPrice.com

Very few people don’t understand that international hacking has spread dramatically, and oil seems to be another popular asset class that they can attack. Hackers hacked the NSA hacking tools and then sent them out on the internet for other hackers to use.

Cyber warfare is in full swing, and there seems to be no end in sight at this time.