Chartist predicting a $1 fall, after WTI drops $10

This reminds me of the submarine captain on "U-571" where the intelligence officer asks:  "How far down will she go?"  And the captain dourly responds: "Oh, she'll go all the way to the bottom if we don't stop her."  

Twenty six bucks, anyone?

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JV $26 bucks, I do have my eyes set there. However, there are lots of bumps and surprises, and It could take some time, I try to keep the targets attainable, where reverses will be in order, but based on say Elliot Waves I do see $26 as a target. But lets remember our Oil God Andy Hall. When oil was 50s he went long with with Billion dollar fund, what happened oil went down, he lost a couple of hundred million dollar and closed fund last year. But then oil went up to $76, so he was right, but his timing was way off. Same here, yes we could head for $26, but with lots of surprises on the way down, leaving only the strongest to survive. So this means we still could see $82.50 and some other targets that experts made. But that don't mean $26 won't happen eventually, this is why if you decide to trade, you better be the best alpine skier out there, otherwise on the next bend you'll be crushed be the next tree.

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So already for today, WTI is up $1 from its low of 67.xx, which means some good news just happened.

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The point to remember when you try to predict oil news, is you could be right in the future, but first it will go the other way a couple to times, enough of a move, to make your news prediction obsolete, so this is the big danger with oil, its large fluctuations, you could be right, but still lose your shirt, so the way to make it in the oil business if you are using lots of loans, is to invest in an uptrend, never in a downtrend, or invest in a downtrend if you have large pockets, like BP, XOM, etc., but hope that the downtrend will have an expectation of reversing in the future. From what I wrote here, this means that no matter what your opinion is, as some point you will be right.

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Now this same analysts predicts on 7/18/18 a target of $64.80 on WTI. I'm not laughing, but it shows, if the smartest of the smartest think like this, what does this tell you of the regular traders. I would say this is a classic example of the blind following the blind.

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