Oil formed a swing low today.
Today was day 33 for the daily oil cycle. That places oil in its timing band to print a daily cycle low. The swing low today broke above the accelerated daily trend line. There was also a TSI bullish crossover. We still need to see oil break above the (blue) declining trend line to confirm a new daily cycle.
Once a daily cycle low is confirmed, it has the potential to also mark a significant multi-year low.
Over the past 30 years oil has been forming 3 year cycles printing a multi year low on the average of every 38 months. Oil is currently at 53 months into this multi year cycle and is overdue to print a multi year low.
Also notice that oil has breached the multi decade support/resistance level. It is worth noting that Oil also breached this level when it printed its 3 year low back in 2009.