In July 2008, when crude oil prices were at $148 a barrel and "peak oil" bulls were forecasting a rise to $200, even $300 a barrel, contrarian technical analyst Robert Prechter took the opposite stance:
"One of the greatest commodity tops of all time is due very soon," he wrote in his June 2008 Elliott Wave Theorist.
By December 2008, a barrel of oil cost just $32.
In recent months, the "peak oil" bulls are back to their same old forecasts from 2008:
T. Boone Pickens: Oil Could Hit $148 Per Barrel
– CNBC, April 3, 2012
Are such forecasts more valid now than they were then?
You can now read Prechter’s big-picture outlook on the oil markets in a newly released report.
About the Publisher, Elliott Wave International
Founded in 1979 by Robert R. Prechter Jr., Elliott Wave International (EWI) is the world’s largest market forecasting firm. Its staff of full-time analysts provides 24-hour-a-day market analysis to institutional and private investors around the world.