GUSH: I don't think Oil has bottomed but it is due for a wave 4

bounce. The depth of the wave 3 drop was such that a fib 38.2 bounce should take it from $7 to $39. The 50 bps cut in the interest rate should help all commodities as a lower interest rate negatively impact the USD against which all commodities, including oil are priced in.

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Wave 3 went down even further and stopped a tad short of the 2.382 line.

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Reverse split 1 for 40. Not good.

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The free fall for Oil continued until today when Trump announced that the US will be buying oil to replenish her Strategic Reserves. From an initial 1,618 wave 1 extension, wave 3 has gone to 3.5.

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Will_Wong

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Will_Wong