Late Friday crude oil took a sudden dip which I was expecting but didn’t know exactly when. So far June has been a good month for oil, but a correction seems to be underway.
I would like to see oil drop a few more dollars which could take until after the July holiday celebrations are done with.
Summer driving is around the corner and ICE vehicles will get you where you are going much faster than electric cars will.
Of course, if your battery pack doesn’t blow up first! EV’s are supposed to replace “ICE” cars or “internal combustion engines” transportation, then why do they need to subsidize electric cars?
I call them “corrections” if I feel that another leg up can happen. Any 5th wave can extend dramatically and once it’s finished, I’m sure a spike will develop on the daily and weekly charts.
A price drop to $57 is what I would like to see, then the $66 price level would be my final price target. So far the waves are good looking impulse waves and they alternated from the choppy “A” wave very well.
Fossil fuels deliver and harvest 80% of all our food so without crude oil it wouldn’t take long before millions would starve to death.