Special report excerpted from two issues of Robert Prechter's Elliott Wave Theorist. Through real-world examples, learn what really moves the oil market so you won't be fooled by the next change in trend.
Remember "Peak Oil"? About ten years ago, it was a hugely popular theory "explaining" why oil prices would only go higher. They didn't. These excerpts from Robert Prechter's Elliott Wave Theorist highlight the flaws in the conventional approach to forecasting oil prices -- and show you why oil fooled almost everyone.
You'll see examples of how mainstream economic forecasters extrapolate current conditions into the future. Compare that to Bob's method that uses Elliott wave analysis combined with sentiment measures to identify tradable extremes in the market.
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Robert Prechter began his professional career in 1975 as a Technical Market Specialist with the Merrill Lynch Market Analysis Department in New York. He has been publishing The Elliott Wave Theorist since 1979 and is the president of Elliott Wave International. He is also Executive Director of the Socionomics Institute, which studies social mood and its impact on social action, including the stock market and the economy.