The Upcoming
Blowoff 5th Wave in Oil (and Gold)
Ron Rosen
June 28, 2004
Bob... I am
taking the liberty of sending you three charts, a monthly, weekly
and daily chart of crude oil dating back to 1998 - a point in
time when the bull market in crude oil began. As I view the crude
oil charts they are demonstrating Elliott Wave movement to perfection.
We are in the
third of a third of a third and have just finished the fourth
of the third of the third of the third... the fourth wave of
this "trilogy" has unfolded in an expanding triangle...
and this is what we should expect to happen in the fifth wave
starting about now.
Commodities most commonly develop extensions in fifth waves within
Primary or Cycle degree bull markets. Fifth wave advances in
the stock market are propelled by hope, while fifth wave advances
in commodities are propelled by a comparatively dramatic emotion...
Fear ...Fear of inflation, Fear of drought, Fear of War.
Hope and fear look different on a chart, which is one of the
reasons that commodity market tops often look like stock market
bottoms. Commodity Bull market Extensions, moreover, often appear
following a TRIANGLE, in the fourth wave position. Triangles
in commodity bull markets of large degree often precede extended
BLOWOFFS."
As I see it everything necessary to produce a "Fifth Wave"
extended "BLOWOFF" is in place. The only thing left
is to witness it unfolding... If it is to happen it should start
within days.
"NOW IS THE HOUR." We are at most days away from the
extended upmove in the price of crude, to be accompanied by a
sharp rise in Gold.
I've been doing this for decades and this is one of the clearest
wave counts I have ever seen.
Regards,
Ron Rosen
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321gold Inc
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