Yesterday Crude signaled its move into its next short term Trading Cycle Low when it finally broke below my Green TC Uptrend line. Crude has been a beast to trade lately and at day 37 it is already in the middle of its timing band to find a TC Low (33-50 days on average). A day 33 high should result in a Right Translated short term Trading Cycle.
My second chart shows the one year price action showing overhead resistance and underlying support.
I have Crude on day 34 and my first chart shows WTIC is very likely starting its decline into its next short term Trading Cycle Low (TC Low). My second chart is a one year weekly showing the longer 5-6 month Intermediate Cycle pattern.
Getting stopped out of my SCO trade was painful but my charts are showing Oil is at a very important inflection point from both a Cycles and standard TA standpoint. My chart shows Crude backtesting its breakdown from its Yearly Cycle uptrend line. Based on its break below this line … Continue reading →
Crude Oil has now closed below the 50dma and backtested it yesterday. Today’s move confirms for me that WTIC is now moving into its Yearly Cycle Low (YCL) which I am expecting in the January timeframe were I expect it will make a lower low than the last ICL in … Continue reading →
I have WTIC Crude on day 37 and in its timing band to find a short term TC Low. While I show crude at fairly strong support here, so if crude finds a TC Low here, I expect it to be short term as its Yearly Cycle uptrend has broken … Continue reading →
Crude my be nearing a short term Trading Cycle low (1st chart) but the move into its next Yearly Cycle Low is just getting started (see my 2nd chart). My second chart contrasts how Crude’s Price action over the last two Intermediate Cycles. The last IC from the Feb low … Continue reading →