Oil formed a swing low today.
The daily oil cycle peaked on day 9 and has declined since. Oil printed is lowest point on Tuesday, day 42. Oil is in its timing band for a daily cycle low. The swing low today signals a new daily cycle. A break of the declining trend line will confirm a new daily cycle.
Oil’s weekly cycle runs for 25 to 33 weeks. If a new daily cycle is confirmed, our cyclical expectation is to see a left translated daily cycle form, continuing the intermediate decline.