You don’t see that everyday. The monthly MACD is flattening in deeply oversold territory. Trendline support for Crude Oil going all the way back to 1999 is making its presence felt and trying to keep this brutal bear market from extending even lower.
From an Elliott Wave perspective, it does appear that 5 waves are complete.
One more thought: Crude oil is still working off the bubble that took place in 2007 and 2008 when prices went from $50/barrel to almost $150/barrel. The slope of that move went asymptotic (parabolic) and is quite similar to other bubbles we have witnessed in recent decades and throughout history. These bubbles can take 10+ years of wild chop and slop before a new, lasting uptrend can develop.
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The author does not have a position in any mentioned securities at the time of publication.  Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
