The oil market has seen some huge moves. A 30% dive Sunday night. But what's happened in oil this year is so much bigger than that. In January, oil was $64 a barrel. It hit $27.34 intraday on Monday, so we're talking about a 57% fall in just two months. Now, a lot of folks are speculating about what this move means for stocks.
The truth is, the correlation between stocks and oil swings willy nilly from positive to negative throughout history. Pundits will try to use one market to predict the other, but the reality is there's no reliable relationship between the two at all. To understand each market, you have to look at each market's Elliott waves.
Discover how Elliott waves can help you catch moves in the oil market when you watch a special video from EWI's chief energy analyst, Steve Craig, available to ClubEWI members. Join for free when you click the link in the show notes or visit elliottwave.com/insight. https://bit.ly/2Q5H83k)
