Today, there is no shortage of opinions about oil.
So why should you bother reading this one?
Because 99% of oil forecasts out there are based on so-called fundamentals. The same "fundamentals" that back in June, when oil cost $107 a barrel, promised even higher prices due to:
- The rising threat of Islamic State in Iraq
- Weak U.S. dollar and
- Strong U.S. job growth
Now that oil has fallen to $54, the same sources are giving you "reasons" why it should fall even more.
You can see what's happening: Too many analysts simply extrapolate yesterday's trend into tomorrow.
That's like saying that because it's sunny today, expect sun tomorrow, too. That's not forecasting.
Elliott Wave International prides itself on being bold with its forecasts. They have just released a new report from their in-house Energy expert giving you a unique look at the trend in Crude.
Special Report: "Oil: What's Next?"
EWI's Chief Energy Analyst, Steve Craig, has lived the oil market for close to 30 years. In this free report, Steve shares his take on where oil has been -- and where it's going.
Bonus: On Thursday, December 18, we will expand the report to include a clip from Steve's brand new video forecast for crude oil.