For you who follow me you know I try at times to guess at the very long term pattern. For this I look at EWT patterns. For me EWT is always a guess so I don't ever use it alone for trading. There are always too many possibilities in the EWT counts (at least for me). But sometimes it helps try to figure out the longer term possibilities. The count presented here suggests all the rise to the peak in 2008 (labeled 11) is just the first of a major rise in oil prices (based on the US dollar). Then we had a long and sizable correction to 22. I think there is good chance we are now starting a major up move to 33 over the next few years. In EWT the 3rd waves usually are the largest the the most powerful. This fits with the patterns I think are likely in the US Dollar and Gold if you have ever looked at those long term charts I've posted. That is long term I think it very likely the dollar continue to fall and gold and oil (priced in US dollars) will rise substantially.
I have some things to do now. Later will post Chart 2: daily log and discuss the RSI a little.
I have some things to do now. Later will post Chart 2: daily log and discuss the RSI a little.
