Oil Continues to Slide

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Oil broke below its previous daily cycle low today.

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Today’s break below the previous daily cycle low forms a failed daily cycle. At day 15, oil can trend lower for another 15 to 35 days before printing its daily cycle low.

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By breaking below the previous daily cycle low, oil formed a failed daily cycle which continues the intermediate decline. Allowing 3 – 7 weeks for oil to complete its daily cycle will take the intermediate cycle out to weeks 27 – 31, which is right in its timing band for a weekly low.

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