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Hi all, hope your well and happy!
For the last couple of weeks, I have been speaking about the end of the road for the great run up in Crude prices.
This rally has completed a very large three wave pattern to the upside and is now right on point for a turn lower into a very large wave [5] down.
Today, I came across a news article which has cemented this outlook.
At the End of every large move in prices, the large majority of the public have fully jumped on board the train and drank the coolaid so to say!
They believe that the trend is strong and cannot be derailed.
And they will scour the world for reasons to reinforce their almost religious 'belief'. It is called 'confirmation bias', and we all do it!
Remember bitcoin?
This 'emotional' conviction is evident in the crude market now, and this guy's assertion that the price will hit $300 is just another example of an age old failing in the human psyche,
That is - over commitment at the end of a trend.
Beware, the END IS NIGH!
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UPCOMING RISK EVENTS:
USD: ISM Manufacturing PMI.
EUR: N/A.
GBP: Manufacturing PMI, Net Lending to Individuals m/m.
JPY: N/A.
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