OIL, the big picture

OIL aug 6 2015

Our longer term view is that could go down quite a bit further. It is, perhaps, good to remember that the stuff traded at about $11 in 1998/9, not all that long ago. We do not need to go that low, but using vector equality a target of somewhere between $25 and $35 is definitely a very real possibility. The wave C as shown above may be missing a 1-2 and a 4-5 as there may be three of different degrees.

Presently the prevailing view seems to be that oil must go up as we continue to use more and have less. This is the logic of peak oil. Perhaps alternative energy sources combined with recognition of global warming will change that view over the next few years.