I have Crude on day 10 of a new Trading Cycle and, very likely, a new Intermediate Cycle as well. If this is only a new Trading Cycle and not a new Intermediate Cycle, we will see a top somewhere between here and my Red IC downtrend line, while a new Intermediate Cycle will cause Price to breach the Red downtrend. WTIC closed above both the 200 and 50ma yesterday and today it has moved above my Orange Trading Cycle down trend line.
My second chart is on my UCO trade which shows the price action more clearly. UCO has a couple of gaps on the chart and the current blue uptrend is quite steep but I am sitting tight for now as I think this is likely a new Intermediate Cycle in crude.
My third chart is a 1+ year weekly showing my price expectations if Crude did find and Intermediate Low back on May 5th. From a Time and Price perspective, the early May low sure looks like and ICL. Again, the basics of cycle theory is that a new Intermediate Cycle will breach the previous Intermediate downtrend to confirm a new longer term Intermediate cycle.
Added: Here is 5 minute chart on UCO that shows a close up of the price channel I am tracking out of the May 5th low. Note how price gapped up this morning above the yellow resistance line that had formed and was holding price in check into yesterday’s close.