I’m not sure why either of them would shock you when I’ve told of their potential moves ahead of time. Now yes, I did think that Eni was probably at the end of its wave 2, but it’s no big deal that it’s gone a little further.
We shouldn’t expect an oil stock to soar until oil soars. And so far, oil itself is still in wave 2, and could pullback some more. I’ve forewarned about that, time and time again too.
By the way, when do the masses (and sometimes my subscribers) get emotional? Waves C and 2. Which one are we in right now? 2
So the question is: How should you be thinking about it, in light of that?
Did you lose sight of the fact that it’s the 11th largest oil company in the world? Think oil is going away? Nope. Not for a very long time. So I don’t lose one wink of sleep over expected pullbacks along the way.
When oil went from $6 to $44, were you shocked then? What comes after huge upside volatility? A correction. Downside volatility. What comes after that? Upside volatility, etc.
But an oil stock is generally not going to rally until oil itself does. And I’ve been warning of a potential larger pullback in oil as I’ve drawn it out on the charts, often on our USO position. So I’m wondering if you disregarded it, forgot it, didn’t believe it? Because I literally draw it on the charts ahead of time, what’s possible. So there’s no need to be shocked at all. The uninformed investor that has no system and way to gauge things is the one that should be shocked. Trying to input a little sober thinking here. It’s our job to keep our heads about us when others lose theirs. That’s the difference between successful and unsuccessful investors. We get to choose which we’ll be, by how we choose to think.