Elliott Wave 5.0 "Reboot" notice!
I am going to make changes at Elliott Wave 5.0 "Reboot", with a two week slow period between Dec 22, 2013 and Jan, 3, 2014
I will be reducing all my postings during that time, but only post some year end, and other long term reviews in Cycle degree.
I will also be reducing or even dropping all Elliott Wave analysis in the SP500, Russell 2000, Mini Nasdaq, and most single issue stock analysis. I will keep Elliott Wave analysis with the Mini DJIA and my regular commodity and currency updates.
One main reason I will be dropping the general market analysis is; There is a unique difference in the Elliott Waves that form in the general markets, to the waves that form in commodities. There is no comparison between the two as Elliott Wave rules and guidelines, get pushed to the extremes in commodities.
I have always worked my wave analysis in commodities, and will shift my focus effective immediately, to making Cycle degree wave III as my cornerstone. Cycle degree wave IV in commodities is a "Myth", as well as all other wave counts associated with it.
Gold is the "only" renegade asset that does not conform to the pack, but I believe it will in the next 1-3 years.
Sunday, March 3, 2013
Crude Oil, Are The Crude Oil Bears In A Trap?
This is the April crude oil contract and it sure looks like a crash to me.
The angle is steep enough to fit the bill and last week oil created a long spike as well. All the bears will have protective buy stops in place, so oil could see a dramatic rise as all those bears instantly turn into bulls. Since the oil crash looks corrective then oil can travel to new highs in the next few months and oil should have no problem hitting $100 per barrel one more time. I have mentioned many times that oil may even see $115 per barrel and this may happen closer to the summer holiday and fall hurricane seasons.
Right now the gold/oil ratio is about 17:1. The higher the ratio the cheaper oil is to gold. When oil gets to the extreme side then anything 10:1 would be extreme.
The economists that are forecasting $5000 gold are also telling us that we are going to get $500 per barrel oil, even though they do not say that in print. It is silly to expect gold to go up without oil maintaining its ratio range.