Crude Oil: Weekly Chart Update

So far I’m going to stick with Cycle degree wave 4 as completed.

I have to be open to the idea that another big zigzag in Primary degree might happen, so this 5 wave sequence would end at another “A” wave in Primary degree.

Early this morning crude oil spiked and has started to dip again, and may still head to the $50 price range.

The Gold/Oil ratio is 26.8 which is more expensive than the August readings and this ratio should expand a bit more in September.

Any move that would take oil below the $45 price level might force another complete review.

Don’t expect some beautiful impulse move as we are in a diagonal world where wave structures do overlap and can even look like they are going sideways.

Switching from bar type to line type also changes the wave counts as many spikes get smoothed out in the process.

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