One more push to a new record high! Sure that can happen as we approach the $80 price level again. Of course the stories about oil going to $100 again all are starting to sound like a broken record stuck on “repeat”. Can a 4th wave rally surge this high and still be in a bear market rally? Of course it can, as it could even dip into my wave 1 bottom. Commodities play a different game and normal wave counting methods will never work. This is all part of a Cycle degree zigzag correction which has 3 parts to it.
It may seem like the 2015 bottom was part 3, but fooling the majority all the time is the job of the markets. When the Gold/Brent ratio is an eye-popping 15.10:1 then we are pushing the bounderies of being very expensive when priced against gold. In the long run I’m sure we will end up with another major world oil glut as recessions happen every 10 years or so. Any recession in the future would be over as soon as solar cycle #25 starts to break through.