Loading ...WTIC Crude Cycle Update
The shorter term Trading Cycle daily count is a bit clouded here (2nd Chart) but not the weekly count for the longer term Intermediate Cycle (IC). Crude IC’s find an IC Low, on average, every 20-25 weeks. Last week ended week 19 so we have entered the timing band to find an IC Low sometime over the next 1-5 weeks.
Next chart shows the Trading Cycle counts (36-50 days Low to Low on average. I now have two possible TC counts. We are either on day 50 of TC2 or day 17 of TC3. In either case, we may be due for some kind of bounce based on my TC downtrend fork on the Daily chart. Note how we broke through the Green Trend line and appeared to backtest on Friday. The fork, however, may provide some support here. Note also that the CMF has turned up on both the Daily and the weekly while the price is crashing here. We should know as soon as Monday wether the Fork or the Green trend line will win.
Time will Tell.
