How is Crude on Verge of Signaling Larger-Degree Decline?
How is Crude on Verge of Signaling Larger-Degree Decline?
10/31/18 Weekly Re-Lay Alert – Stocks… and the Second Rebound: “Stock Indices rebounded sharply after spiking to new lows on Monday while testing key targets and support levels, but failing to close below Friday’s lows.
That allowed them to spike to the extreme downside targets previously described (23,913/DJIA, 2590/ESZ & 6650/NQZ) and to test weekly support levels even as the DJIA finally spiked below 24,247.
With several sell signals reaching fruition on Oct. 26 & 29, the indexes attacking extreme downside targets while doing that, and the DJIA turning its weekly 21 MAC down, Monday’s spike low provided the potential for a quick rebound…
That overlaps weekly cycles that portend a rebound peak on Nov. 2 – 9 – perpetuating a ~5-week high-high-high-high & a 10 – 11-week low-high-high-(high) Cycle Progression in the NQ-100.
The primary upside target for these rebounds is at [reserved for subscribers]…
Crude Oil, Unleaded Gas & Heating Oil extended their declines following the early-Oct. peaks that perpetuated a 32 – 34 week low-low-low-(high) Cycle Progression in Crude. That has triggered a sharp sell-off leading into the current week – the latest phase of a ~19-week low-low-low-(low) Cycle Progression.
It would take a weekly close below 65.74/CLZ to turn the weekly trend down in Crude and indicate that this is a larger-magnitude decline (that could see a second wave down in the coming months).”
Energy & Equity markets confirmed multi-month cycle highs in/around Sept. 2018 and fulfilled expectations for October plunges. Crude Oil is now on the cusp of signaling a larger-magnitude sell-off even as Natural Gas remains bullish and is projected to see a larger overall advance into mid-to-late-Dec. ’18.
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.