The Grim Reaper Is Pleased - Saudi Arabia Attempts To Dislodge Tower Of Babel Title From Burj Dubai

When oil was raging into the peak oil fervor prior to the 2008 collapse, we said oil was a massive bubble and that it would implode and then rise again with an eventual  bust.  (Loosely, the same ABC pattern we have written that I expect financial markets to follow from the peak in 2007.)  Our downside price target for that first fall in oil came within a few dollars of where oil actually ended up in the 2008 financial collapse before rising to its current price.   In other words, the A component of the pattern completed in the 2008 collapse and we are either in the end of the rising B component of the pattern or I believe we could be by the end of the year.   A lucky call on the implosion and downside price of oil?  Maybe.  More likely “In the fields of observation, chance favors only the prepared mind.”.