Everything so far looks impressive if we get caught up in this crude oil bullish cycle. As with gold, I’n not completely convinced that an Intermediate degree correction over and a completed done deal. Crude oil could turn and head due south again, back to the $42 or even $40 base.
Even a “D” wave top could be in play, which would end up giving us a triangle, and we know what triangles can eventually do. A triangle inside a “B” wave correction would be fantastic as triangles are one of the best forecasting waves around.
Compared to my last gold/oil ratio reading, oil has become a bit more expensive at just a bit under 25:1 which is still fairly cheap when using gold as a measuring tool.