Monday, January 5, 2015

Time and Cycles Crude Oil Review and Forecast


http://www.safehaven.com/article/36287/time-and-cycles-crude-oil-review-and-forecast

Crude Oil has been in Free fall the last couple of months. It became bearish when it finally broke below its 2 year Triangle back in September-October 2014.


10/06/14  Crude Oil Forecast:The Monthly Crude Oil closed lower last week at 89.74, below long term Triangle Trendline support at 92, which is bearish. The Triangle has formed since the 5/2/11 Highs, just over 2 years now.”

11/17/14 Crude Oil Forecast:The Monthly Crude Oil again closed lower last week at 75.82, which remains bearish. Triangle target is 51.67.”


Actual: Since we broke the 2 year Triangle back in September 2014, we saw a sharp multi-month decline finally reaching our 51.67 Triangle Target (from 11/17) on Monday Jan 5 2015.

What’s next: Support is at 49.86, the 78.6% retrace, but Major support is at the long term 12/98L-11/01L-12/08L Up trendline at the 46-47 area. There is a 50 Month Cycle due June 2015, bias is this will be a Low and the Apex of the 2 year Triangle due in Feb 2016, which should be a major CIT.

In the Stockmarket, the 12/26-29 double Highs were confirmed in with 12/31 decline and projected lower on Fri-Mon 1/02-05, we will review the stock market outlook in the next Update.

1 comment:

Unknown said...

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