The RSX tracks many oil related asset classes which all had a major top in mid 2008. This makes it easy to call a Cycle degree wave 3 peak, but what followed is another bear market, that looks like a zigzag, but has not finished. We need at least two major lows with the 2016 low still not being low enough for a zigzag to be called finished. Of course we’ve been told the exact opposite as oil is heading to $300 as one biased expert claims.
I want to stress the point that this is just a quick count. It takes years of baby sitting to build a reliable wave count that you can trade without using stops. There are no reliable trend lines that I can use but the big bearish trend seems to be obvious at this time. It may take the rest of this year before this RSX bear market rally clears up, as increased OPEC output has caused this market to turn bearish.