Has Oil Bottomed yet?
Oil has bottomed intermediate-term. Click on this link for the full logic & accompanying Elliott charts. The next move is a bounce to the area of at least $100/barrel within a span of ~12 months. Once that upside completes, oil will reverse to continue its longer-term decline to trough below 37.50 per barrel. Below you see the Diag II (Bearish Diagonal Triangle type 2) in process of a wave iv upside, within wave C, of an A-B-C Wave II correction. Nov. 14, 2014