On the 1W chart we have a complete 8 wave cycle about to finish off. Elliot wave ABC correction is in full swing at this moment.
Based on the fact that C should be lower than A, we will see prices around 25-30 USD per barrel before going back up again. Note that wave B consisted of a rising wedge, which once it breaks down should have the same length as the length of wave A.
In 2008 if you said oil was going to be back down to 40 you would have been called insane. In 2014 if you said oil was dropping to 50 by years end you would have been on your own. Now a new target of 25 you must be kidding. Then again might be the best call yet. good chart!
moker-X
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thanks for compliment. I really think the world economy is heading for a huge disaster, and this crash in crude is just a (tiny) part of the bigger picture.