LT Crude (EW) per Sam
Sam updated his LT count for crude last night.
There seems to be some general interest here, so I thought I’d post it.
As he sees it, there’s a small rising wedge that has to complete before the local top.
For those who don’t enlarge the chart, please be aware that the final low is targeting 2023 or so.
And yes, I treat these as “roadmap sketches” subject to further refinements along the way.
But its also a part of a coherent many markets Bigger Picture, including SPX, DX, and PMs.
Not a believer in any predictions more than 6 months out way to many variables I won’t even begin to list. Not to mention WTIC is in US Dollars and nobody can predict where the $US is going to be next Friday never mind 2023.
Thanks Pedro
Thanks Pedro–Monday should give us direction…
Thanks Pedro- This has many similarities to Temple’s count on oil. The main point of agreement is a major low around $32 next year before any significant recovery.
Pretty similar to Jason “Pretzel” Haver’s long running count also.
I don’t recall if I posted it here, but he was tussling over how this lower degree fourth wave bounce completes.
He sees new lows, into the 20s, at the end.
If red C of 4 up happens as Sam has it, it will catch many offside.
They will be expecting wave 5 underway to final lows.
In any event, red B is CLEARLY showing up on my charts. But I can’t see any further than that off my own tools.
Connundrum….If Base Metals are breaking up can oil be breaking down ?