Oil Markets Fulfilling Energy/Equity Sell-offs; What’s Next?
Oil Markets Fulfilling Energy/Equity Sell-offs; What’s Next?
11/24/18 Weekly Re-Lay: Crude Oil, Unleaded Gas & Heating Oil remain weak and continue to plunge since peaking in early-Oct. while perpetuating a 32 – 34 week low-low-low-(high) Cycle Progression in Crude.
That peak also provided the fulfillment to yearly cycles (a ~5-year high-high-high Cycle Progression was forecast to produce a 6 – 12 month peak in 3Q 2018) and the 2018 outlook for a trio of peaks before a sharp sell-off (along with equity markets) into Oct./Nov. 2018. The energy market sell-off was expected to coincide with a similar equity drop.
Crude and Unleaded Gas set new 2018 lows as Heating Oil retests its intra-year lows. They have stretched a week beyond the precise fulfilment of a ~40-week low-low-low-(low) Cycle Progression but remain in the month when a corresponding ~9-month low-low-low-(low) Cycle Progression AND ~16-month low-low-(low) Cycle Progression collide.
1 – 2 year support/downside targets come into play at 47.90 – 48.55/CL (2 – 3 year support is not much lower – at 42.05 – 42.65/CL).”
Crude Oil has plummeted since peaking in early-Oct. while fulfilling multi-month, multi-quarter & multi-year cycle highs in/around Sept. 2018… and also completing the latest phase of Middle East cycles that projected higher oil prices into late-Sept. 2018. Natural Gas remains bullish but already attacked ~5.000/NG – the primary upside target for that phase of its advance.
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.