I know it’s geeky to do the Elliott Wave 3-wave correction on the markets everywhere, but it’s been thrilling to discover that because I’m finding that it’s solving a lot of mysteries that we face in structures everywhere. One such mystery is in $OIL.
So, using the 3-wave move that I am seeing in the US indices as a guide, all of a sudden, oil counts beautifully here. And we can immediately see that it, too, fits the parameters of a B-Wave triangle up here just like damned near everything else. And so we need the primary (pink) C-wave next. I’ve posted two fibs. I think the reflation trade is on and on hard.
And I think this tells us our answer: it’s also “fake.” We’re not getting out of this alive. Because after that C, oil (and everything else) is going to crash (and in 5 huge waves) for cycle (yellow) c. Amazing. So, we’re going to crash up in 5-waves, then crash down in 5 even bigger waves.
We’ve got a year to enjoy the ride and to look for the big one. This will top before the equity markets, but, not before going much higher first into next fall.
You want to know when they’re going to raise rates because of the inflation they’ve caused? Looks like October is a great candidate.
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