News Link • Energy

Expert says gasoline should be at 50 cents a gallon now

01-20-2011 • Terrence Aym

Robert Pretcher is disgusted. The Yale University graduate, New York Times bestselling author, and top market guru has proclaimed, "Oil should fall to between $4 and $10 a barrel based on a technical analysis called Elliott Wave principle." The Elliott wave is a technical model based on the Elliott Theory. The theory was promoted during the 1930s by the man who conceived it: professional accountant Ralph Nelson Elliott. So, the cutting edge discipline of advanced technical analysis reveals that gasoline prices at the pump should be hovering around 50 cents. Yet the pump price as of this writing is pushing towards a national average of $3.50 a gallon—about half a buck away from the national all time high of $4.00.