$OIL May Suggest That the Big Pink B Is In

I’m having doubts here about another washout. The question is: is the big primary (pink) B across the assets for which I believe it is relevant in, or do we have another drop first? I can’t tell from equities alone yet, because $ES is funky. And I initiated my call for another drop because Bitcoin looked so lethargic (and still does). But let’s look at $OIL.

The long-term view is this:

OIL

If that’s right, the next big move is shooting up in a magnificent impulse wave.

Zooming in, we see this:

OIL

It does generally count well as an impulse at a distance, though it’s hung up on that 13-year trend line and the minute (blue) 2 is small, though it did strike the first fib.

Zooming in more, it does count especially well as an impulse wave, so perhaps the big orange E of the big pink B is in:

OIL


[UPDATE]: Let me add a thought here. Since that minute (blue) 2 is so shallow, perhaps that’s just the first leg of a larger decline for two, like this:

OIL


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