All oil stocks were down quite a bit today, right along with the overall market too. Remember, from the weekly video, I’ve been expecting a decent-sized pullback in oil. Well, now we’re finally getting it. It just took longer than I expected. After that huge pullback is over, then I believe we’ll see the next advance higher.
Here’s what oil likely goes. There’s no way an oil stock prospers as it could until oil itself does. Until oil gets well into wave 3 or even in wave 5, there’s no reason why the deep-sea oil drillers should prosper much until then. So my opinion remains the same on them.
IF RIG’s stock price remains at 76 cents per share or higher (end of wave C) then, here’s its wave counts.