Goldtent TA Paradise

WTIC Crude

1. EagleSeagle says:

   May 31, 2016 - 6:52 pm at 6:52 pm

   Ready to pounce on a short…

2. Cashcosts says:

   May 31, 2016 - 7:28 pm at 7:28 pm

   I have been buying PSX heavily in anticipation of this. You have Buffett creating a floor in the mid to high 70s. He owns 16 percent and has been buying every time it is in that zone. If we get a drop in oil we are going to get a mega rally in the refiners.

3. JamesBrrando says:

   May 31, 2016 - 8:37 pm at 8:37 pm

   PBR is to Oil as HMY is to Gold.

   They both lead. Pay attention.

4. Mark says:

   May 31, 2016 - 9:09 pm at 9:09 pm

   so give us some context of what Day 39 means in terms of a cycle inflection point.

   Also, I don’t think everything that resembles a wedge is bearish. The underlying structure still looks solid to me and so do the offshore driller charts like ATW and ORIG which I hold. I think this run is still going to $62 in a blowoff run in June. We will see.

   • Surf City says:

     May 31, 2016 - 9:26 pm at 9:26 pm

     Mark, Crude has a 5-6 month Intermediate Cycle like most assets but shorter term its Trading Cycle typically runs 36-52 days Low to Low. Crude has one of the widest Trading Cycle bands that I know of which can make it difficult to trade. I never trade anything based on TIME alone but when an asset enters my timing band for a Low, I start looking more closely at my cycle trend lines and oscillators for topping action. I show fairly strong resistance at 50-51 and my blue line is BOTH the trend line for Trading Cycle #2 and Crude’s longer Intermediate Cycle as well.

     When that trend line breaks, it will signal to me that crude will likely be seeking out its next TC Low (Note how the TC1 Low set the IC Trend line). So if this is the trend line for the longer IC as well we should see a bounce, followed by a lower High before rolling over into its next 5-6 month IC Low (I expect this to be a Higher Low than Feb which would provide a signal that the Bear has ended)

     • Mark says:

       May 31, 2016 - 9:43 pm at 9:43 pm

       Thanks Surf.