Deus
Long

Oil is a trouble

FX:USOIL   CFDs on Crude Oil (WTI)
Oil count is very, very difficult. All those bearish candles and rejections against MAs and resistance levels are bearish . The fact that oil did not follow SP500 in the recent fake rally is also bearish . Despite all of that the count, the look and feel of waves, bouncing off 200MA support on W speak in favour of a rally.

Also,
  • the price made a local double bottom with negative divergence against RSI
  • it declined in clear 3-3-3 pattern (labelled wxy on the right) and staged 5-3-5-3-5 rally thereafter

These two factors make me expect that the price will decline in the next few days to complete wave c and then BOOM some unexpected news will propel the price to $61/bbl to complete abc flat pattern.

Any Elliotticians here? Can wave b subdivide in wxy?
Check out the CRB.long term chart.
\
Commodities have rolled over to the downside,
in a" potential "death spiral move down, to prior major support.

The fact that crude is acting so bearishly right now,
is a potential warning sign that must be heeded.
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Deus The_Unwind
@The_Unwind, thanks) you inspired a post!
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