Oil’s Slippery Slope

0

Oil continues to drop into an intermediate cycle low.

oil

Oil broke below the 12/14 low today forming another failed daily cycle. Oil is in a daily down trend and will remain in a daily down trend until it can close above the upper daily cycle band.

Stocks have also closed below the lower daly cycle band to signal that stocks have begun a daily down trend.

spx

Today was day 34 for the failed daily cycle. Stocks have entered their timing band to print a daily cycle low. Any swing low now could signal a new daily cycle. A break above 2011.71 forms a swing low.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s