I had expected the bottom to be in the $41-42 range as stated here, here, here and here and the next few days will determine if I am wrong or lucky. However, I want to post a chart from a newsletter I read that was posted back in January that has appeared to be quite accurate so far. His target is $38.43 back and a bottom in late August. To his credit he also had the bottom in February at around $30 and a peak in June at about $50.
Now compare that with the actual chart.
So if the January forecast continues to be correct, a bottom in the high $30’s will form over the next few weeks and a rally into the $60s with a peak in November.
If that is the case we are close to a bottom. Only time will tell.
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