Crude: Another big drop. Why it's likely not done
by Editorial Staff
Updated: October 02, 2020
Crude has slipped below $40 a barrel so far this week. In the mainstream media, you'll hear experts name "weak demand," "strong supply," and "fears of COVID-19" to explain the drop after the fact.
All of which, um, sounds reasonable. But it doesn't answer this question:
Where will crude go TOMORROW? And the day after that?
Contrast that approach to Elliott waves, which look forward.
Four days ago, on Sept. 28, when oil was trading above $40, our Energy Pro Service already alerted subscribers to the coming short-term bearish opportunity:
Intraday Update: 9/28/2020 10:48:15 AM
...If wave (B) is indeed complete, the selling pressure should soon intensify. The first downside hurdle to cross is the 39.78 overnight low.
So what's next?
Well, as you can tell from the chart, the downside opportunity in crude is likely not over.
Crude has had a very busy price chart this year. Our guys have really been on it. There is lots of opportunity here.
Let us help you ride this wave -- and the ones to come.
But hurry. Crude is moving!
Get crude forecasts now.