Intuit
Short

USOIL In Potential Bearish Elliott Wave Triangle

TVC:USOIL   CFDs on WTI Crude Oil
USOIL             Appears to have just completed a zigzag , and we could now be heading towards significantly lower prices later this year. Potentially, this looks like it could be forming a long-term triangle like I have drawn, if that is accurate, we should get one more wave down to around 26 again, and then from there we should continue up to a new all-time-high. This will likely take a few years to pan out but it does seem like we're beginning a new downtrend right now.

The implications of an oil             crash right now are pretty dire, considering many firms barely survived the last one. If this next leg down happens it may bankrupt many smaller oil             companies that have taken on significant debt to survive, which will likely create a significant drag on the economy and the stock market. However, it could eventually lead to a reduction in production after many companies go bankrupt, which could eventually lead to significantly higher oil             prices.
Comment:

Due to the recent price action, it seems likely that we'll continue sideways/up for the next few weeks, before ultimately breaking down like previously forecasted. Most likely this will be waves-4 and 5 of wave-(c), like the new chart shows.

This is only a very minor change to the count. The long-term triangle is still in play, as well as the zigzag for wave-, meaning we should get a major downtrend starting at some point this year, which could take us back under 30.
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Still watching this one. Intuit, any updates on your predicted crypto correction / LTC?
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Thumbs up. Finally the rainmaker has returned to tv. I still owe you for your awesome crypto ideas.
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Please post a crypto chart :)
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The longer term direction has to be considered. What you describe above is entirely possible given the fact hydrocarbons will be slowly phased out.
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lets see
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wow!
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