Crude Oil (WTI) (US$24.30)

It appeared to me that crude oil (WTI) has completed its wave E on 20th April when it recorded an intraday low of negative US$-40.32 a barrel. The current rebound is likely to be the wave X of its waves ABCDE-X-ABC or waves ABCDE-X-ABCDE formation in view of the long-term bearish demand for crude oil.

It is close to impossible that wave E is the end of the major wave (2) corrective wave because it is impossible that demand can drive the price of crude oil to above US$200 or more a barrel unless the USD has started its slow long-term decline when it slowly loosing its status as the world reserve currency. But the US will not allow that to happen to take away its privilege of printing USD freely to finance its spending. The easy way out to prevent the USD from declining is to start a war with any nation that poses threat to the US interest.

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