Oil Downtrend

Oil peaked on day 8 then formed a lower swing high on Friday. The peak on day 8 sets oil up for a left translated daily cycle formation.

Friday’s swing high formed below the upper daily cycle band. Oil is in a daily downtrend. Forming a swing high below the upper daily cycle band signals a continuation of the daily downtrend and triggers a daily cycle band sell signal. Oil should go on to break below the day 14 low of 65.01 as it seeks out its DCL. Monday was only on day 19. Oil could trend lower for another 2 to 4 weeks to place the daily cycle in its timing band for a DCL.,

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