Don't know if my glasses are just too bearish, but there is something not right about this chart. I originally thought that when oil prices went sub-zero it would be the end of a big major wave 3 in the oil bear market. However, it seems to have rebounded too quickly and too high for a 4th wave. Therefore, that bottom would more likely be better classified as the first part of the third wave. The ramifications of that would be quite serious. It basically means the world is about to be flooded with oil supply and oil prices are about to go sub-zero again and stay there for a considerable time. Eeek. Just writing down what the charts seem to be telling me. Could be wrong. Almost hoping I'm wrong because the consequences to the real world would be catastrophic.
If predicting commodity prices were as simple as looking at graphs and using fancy terms likes waves and head and shoulders and all that crap, we would all be billionnaires. Fundamentals say after the Opec Cuts and a reduction in usa production...oil is a lot closer to being in balance than it was when it collapsed...demand has returned a small amount...even if a second virus outbreak occurs, I doubt they will close everything again....if that happens, yes a second negative oil price may be imminent...you don't need to analyze waves to figure that out
@TuParkShakur, what a kind response from you, you have my respect. @txsigep55 since you are so savy and smart, howcome you have 0 ideas posted, you should share all this intergalactic knowledge that you have. I'm eager to read your "crap" on what to do in the market.