Oil Markets Fulfilling 2018 Outlook; Why is 4Q ’18 Precarious?
Oil Markets Fulfilling 2018 Outlook; Why is 4Q ’18 Precarious?
09/08/18 Weekly Re-Lay: “Crude Oil, Unleaded Gas & Heating Oil spiked higher and reversed lower to begin the week, confirming the myriad of daily, weekly and monthly cycles that projected a rally into the end of August and a multi-week drop…
At the same time, Crude spiked right to its 1 – 2 week, 1 – 2 month & 2 – 4 month price targets and resistance levels and reversed lower. On a near-term basis, this is expected to prompt [reserved for subscribers].
That is reinforced by the fact Crude plummeted to the weekly HLS (67.11/CLV) and held, portending an intermediate low in the ensuing 1 – 3 weeks.”
Crude Oil and the Energy complex signaled a multi-week drop that has seen Crude plummet to its weekly extreme downside target (HLS) and enter a pivotal period.
That remains in the context of Crude expected to set its final intra-year high during 3Q ’18 and then see a substantial sell-off in the months that follow. The daily trends would need to reverse down in order to escalate the latest correction into a larger-magnitude decline.
Crude is also nearing the culmination of a ~16-month low-low-(high) Cycle Progression while fulfilling a ~5-year high-high-(high) Cycle Progression and a ~10-year low-low-high-(high) Cycle Progression – all of which converge in/around ~Sept. 2018. This market action continues to coincide with Middle East cycles that project a culmination of a major transition period in late-Sept. ’18.
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.