The then – Feb. 3 , a week ago – and now charts;
The difference from the high as indicated in the left chart, to today’s low is about 10%. Soon it will become a lot more.
Year: 2015
Oil again
Taking the scenic route instead.
ACQ, Auto Canada , our canary in the oilfield.
This was one of the better calls (see also WPT and COS), right to the day. You could have picked it up for , say $33 the next Monday. We are about to finish the a of an a-b-c up corrective move. We would sell at around $44-$46 and take a 25/30% gain over a week or two and then await the b leg (at $37?) and buy it again for the c leg. This has the potential to go quite a bit higher as the X wave progresses. If the entire correction was already complete (we do not think so) much higher levels are possible. We would , in any event, exit at the line if our expectations come about.
OIL update
Oil seems to be doing what was expected, an a-b-c. The low (March contract) was at $44, the high will be close to $59 (about 25% up). If this does turn out to be an a-b-c correction then we have not yet seen the lows!