Interesting new video on oil by EWI

Here is the link on YouTube.  It's dated April 13th.  I hope you appreciate the lead off line presented by the narrator, Bob Stokes of EWI...  So many coincidences!

I thought the chart from the video, which I have marked up in red to show the expected C wave pullback, was rather interesting.   It was published in an updated version of Prechter's Conquer The Crash book printed in 2014.  It predicted the oil crash that in fact occurred and which might not have finished yet.  The target price for oil, according to this chart, is $10 per bbl.  That would be a massive deflation indeed.  That would be a long term buy buy buy.





















The USO chart for this could possibly appear as below.  So far the moves up from the bottom have not confirmed a new bull market.  Anything below about $16.50 on USO should be viewed with great caution IMO.  The C wave of these retracements is often the same length as the A wave and that is what the chart below attempts to depict.  Log scale is used in Prechter's chart above as well as mine below.