Oil at $40 a barrel is real prospect. Target at least $51It is clear the world needs cheaper oil prices not only does this put pressure on those middle eastern countries that were using oil proceeds to fund terrorism but this sends a clear message to the Eastern powers that the world will not stand by idly while foreign nations invade each other to benefit from commodity prices. Commodities are still priced in US Dollars.
The technicals are reflecting with Oil clearly in a 5th wave move in the bearish cycle. The 61.8 Fib extension of impulse i and iii says we could see oil at $51 a barrel. If we consider a full 100 fib extension we could be looking at $40 a barrel. Just take a look at the volume coming in and the weak bullish candle....
