So far oil is following the diagonal script very well, but that does not mean oil can’t change its mind. I am counting this as a diagonal decline which could lead into an “A” wave. Hopefully it is not part of an ending diagonal which would take oil to a new bear market record low. We will have another look once any potential “B” wave comes.
This may be extremely hard to catch, especially if we could be on a diagonal wave 2 decline. Of course, everybody on the planet have resumed their bearish rants as they repeat what all the other parrots are saying. I only listen to one parrot and her name is Stella! 🙂 Just kidding folks, but I do have a picture of her.
I get very bored with looking and reading other wave counts, as they become so mundane and boring. I don’t think I can keep writing without occasionally injecting some humor into my work.
There are many sites out that give Elliott Wave trade setups and I will never try and compete with them. I try to catch turnings that would wipe out most trader accounts if they stayed in. I think EWP is a waste of time for small intraday trade setups as not enough readers can read them at the right time and even less can act on it playing the markets on the short side. Playing short and then missing a major bull market is an Elliott Wave counting crime and when that happens, serious reviews of the wave counts must be initiated.
Until I see a clear enough “ABC” decline I remain bearish in the shorter term but bullish for the longer term. Eventually oil should go above $115 one more time and when we get there we will have a look how much further it can go. I just checked the gold/oil ratio and it is still a healthy 29:1, when I use the cash charts.