Looking at oil from a weekly chart perspective I have made some changes where the 2016 low is also my Cycle degree 4th wave low!
If we are lucky this wave count may last until the end of the year but be open to being wrong. This would be a diagonal 5 wave sequence but end at an “A” wave in Primary degree, not a wave 1 in Primary degree.
If any of this bullish scenario is true then expect choppy and overlapping waves that will keep the wave analysts scratching their heads.
Some wild spike to the downside could send this wave count into the digital graveyard fairly quick, but I have to run it until it’s eliminated.
The Gold/Oil ratio is about 28:1 which is not that expensive.
In 2018 we saw a golden cross develop so it would be critical to watch if we get a death cross dip!