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.
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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