Energy Market Analysis & Forecasts
In July 2008, Crude Oil made history.
So did we…
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 showed this chart and warned subscribers:
“The Top of Wave 5 in Crude Oil Is Fast Approaching”
“I am publishing this issue a bit early in order to alert you to an opportunity developing in the oil market. Bull markets in commodities virtually always end with an extended fifth wave, as explained in Chapter 6 of Elliott Wave Principle. So, one of the greatest commodity tops of all time is due very soon…”
– June 8, 2008
What happened next?
And just one month later, on July 11, 2008, oil hit its final high and shocked the world with a breathtaking 78% crash in 5 months.
Only someone applying the Elliott wave model 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.
Like all freely traded markets, energy markets reliably flash Elliott wave setups on time frames from intraday to monthly and longer. Find out what setups are occurring now.
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