British Petroleum is now in final wave of share price collapse.

Back in this Jan 2014 post I modeled that BP was peaking.  In fact, at $47 I was just a bit early with the real peak coming in at $53.50 but if you look at the model that price is well within the red circle I allowed for the final move (it was supposed to cover both the 38.2 and the 50 fibs).  As you can see, the wave peaked and is now using the power of a 3rd wave to break back below the horizontal triangle.  There is no recovery for this, investors have lost confidence and are running for the hills.

The monthly chart shows the big pattern to be a falling wedge. This is not going to be a good time for BP shareholders.  The US courts are clearly taking another swing at their cash (the corrupt and dirty court system doesn't care a hoot about justice or the environment folks, it's all about trying to plug holes in government income on the backs of corporations.  All of this is right in line with my July assertion that governments will soon begin to attack corporations.  Right now the US is leading the way but note that two can play this game as Russia is shutting down McDonald restaurants left and right.  I'm sure the UK will find some way of stealing money from US corporations in order to make up for the money that the US is stealing from BP. This is how the protectionism snowballs.  You hit my interests, I retaliate.  It's a game that nobody can win in a globalized economy.  Expect a big case of de-globalization to break out shortly.