Oil’s daily cycle peaked on day 26, formed a swing high and began its daily cycle decline. Oil printed its lowest point on Tuesday, day 37. That places oil in its timing band to print a daily cycle low. The swing low that formed today indicates that Tuesday hosted the daily cycle low. A break above the declining trend line will confirm the new daily cycle.
Oil had been closing above the upper daily cycle band prior to declining into its daily cycle low. Oil closed above the lower daily cycle band on Tuesday. A close back above the upper daily cycle band will establish oil in a daily uptrend. Oil will remain in a daily uptrend until it closes below the lower daily cycle band.