Oil continues to drop into an intermediate cycle low.
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.
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.