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Crude Oil to $180
- Thread starter Wallace
- Start date
one of the biggest lies in favor of higher prices....
whether this is true or not
sour crude debunks that myth....
tar sands are already debunking that myth...
other oil derivatives are debunking that myth...
crushed coal into gasified oil is debunking that myth too....
when that behemoth hits then this game is over! period!
whether this is true or not
sour crude debunks that myth....
tar sands are already debunking that myth...
other oil derivatives are debunking that myth...
crushed coal into gasified oil is debunking that myth too....
when that behemoth hits then this game is over! period!
my price analysis presented in this thread was based on the weekly chart, not looking
at the daily chart i missed seeing the ew ab formation clearly seen there indicating a
trend reversal, however such patterns don't always materialize
i also considered that the size of the w 1 meant this wave would be higher than 144
that the rally from 85 to 144 was w 3 and that a fifth wave then had to form completing
major w 3; my impatience to see that happen resulted in this thread - and i still don't see
or interpret the formation differently, even tho there's been a large drop in price, but . . .
the next fibo number in the series is 89 + 144 = 233 which would be the major w 5 top
but it's difficult to see it going there without a lengthy correction, into say 2011
ew's rule of alternation works quite well so it's possible that there's a w 4 underway with
this downleg being w a and the abc continuing till the early summer next year, however
there is a case that regardless of the w 1 size, there was a very small w 5 - daily - and
that major w 3 has topped
at the daily chart i missed seeing the ew ab formation clearly seen there indicating a
trend reversal, however such patterns don't always materialize
i also considered that the size of the w 1 meant this wave would be higher than 144
that the rally from 85 to 144 was w 3 and that a fifth wave then had to form completing
major w 3; my impatience to see that happen resulted in this thread - and i still don't see
or interpret the formation differently, even tho there's been a large drop in price, but . . .
the next fibo number in the series is 89 + 144 = 233 which would be the major w 5 top
but it's difficult to see it going there without a lengthy correction, into say 2011
ew's rule of alternation works quite well so it's possible that there's a w 4 underway with
this downleg being w a and the abc continuing till the early summer next year, however
there is a case that regardless of the w 1 size, there was a very small w 5 - daily - and
that major w 3 has topped
Attachments
Quote from Ivanovich:
So what is it you're calling on this, Wallace? It either goes up or down from here?
For all intent and purposes, he is saying that Wave (3) of III has topped and we have thus far experienced Wave "A" down of Wave (4) of III.
( Note: This is the current "Alternative Count" from the folks at EWT ).
After a low is reached ( note his .618 fibonacci retracement target around $110 ) Elliott Wave would then look for some sort of a "B" Wave back up that retraces part of Wave "A" before yet another pullback in the form of Wave "C".
Interestingly enough, the gang at EWT is counting this as a Wave (2) pullback inside of Big Wave V ( in the form of an "a-b-c" zig-zag ) after Wave (1) peaked up at $147.
This is their current PRIMARY count and it would imply that there are massively HIGHER PRICES ahead for Crude Oil.
Ivanovich, yes, Landis82 has explained things - there's a correction going on but i don't
know if it's a correction of w 3 of w 5 of w III or w IV of w V and we may not know until
the whole abc correction is complete - hence the ambiguity
i'd thought of dropping this thread and starting a 'Crude Oil Correction' thread because
my initial call was off but i'll stick with this thread as we've an idea of what's happening
i can't see prices going 'massively higher' before rationing comes into effect
i watched larry king monday night, bill mayer was on and joked about enjoying the
recession because the roads were quiet and he got very good service when shopping -
people practicing self-rationing
there isn't a supply problem and tho oil is a finite resource there's a lot that hasn't been
discovered yet
what i think's been done so far is either w 1 and 2 or a and b down to be followed by one
or three more waves down to complete w a of an abc correction
using the january 07 low of $50 for the correction fibo, the 50% is around the top of the
white w 1 of w III which offers a lot of support between $100 and $85 which is just below
the 61.8% level; timeline to bottom, october ?
know if it's a correction of w 3 of w 5 of w III or w IV of w V and we may not know until
the whole abc correction is complete - hence the ambiguity
i'd thought of dropping this thread and starting a 'Crude Oil Correction' thread because
my initial call was off but i'll stick with this thread as we've an idea of what's happening
i can't see prices going 'massively higher' before rationing comes into effect
i watched larry king monday night, bill mayer was on and joked about enjoying the
recession because the roads were quiet and he got very good service when shopping -
people practicing self-rationing
there isn't a supply problem and tho oil is a finite resource there's a lot that hasn't been
discovered yet
what i think's been done so far is either w 1 and 2 or a and b down to be followed by one
or three more waves down to complete w a of an abc correction
using the january 07 low of $50 for the correction fibo, the 50% is around the top of the
white w 1 of w III which offers a lot of support between $100 and $85 which is just below
the 61.8% level; timeline to bottom, october ?
Gotcha - bottom around October, higher prices from there. Alrighty.
I do not pretend to understand or even put much faith in wave theory, but you two seem to be big believers in it, and as such it gives me pause.
I do have a slight issue with you mixing wave theory with fundamental supply and demand thoughts -in my opinion you either trade one or the other, but who am I to tell you how to trade?
Good luck with the call. I'll be interested in seeing how it pans out.
I do not pretend to understand or even put much faith in wave theory, but you two seem to be big believers in it, and as such it gives me pause.
I do have a slight issue with you mixing wave theory with fundamental supply and demand thoughts -in my opinion you either trade one or the other, but who am I to tell you how to trade?
Good luck with the call. I'll be interested in seeing how it pans out.