In July 2008, crude oil made history.
That’s when the price of one barrel reached its highest price in history. It never traded higher before or since.
As oil was soaring in the fifth wave of a decade-long uptrend, 97% of analysts were bullish. Commentators and economists announced there was a shortage of oil and called for $200 a barrel. But a full month before crude’s peak, on June 8, 2008, The Elliott Wave Theorist warned subscribers:
“…one of the greatest commodity tops of all time is due very soon.“
Just 33 days later, on July 11, 2008, oil hit its final high and shocked the world with a breathtaking 78% crash in 5 months.
If you know markets, you’ve never seen anything like it in your life.
Only someone extrapolating an Elliott wave could see that “one of the greatest commodity tops of all time” lay dead ahead. Those using supply-demand arguments and linear extrapolation were in the wrong place at the wrong time. Those who got caught on margin were ruined.
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