Saturday, March 30, 2013 11:32:56 AM
By The Sentient Trader
(Thanks to gtsourdinis)
Crude Oil
Recent clear cycle shapes in Crude Oil have been of 20-week magnitude. There is no evidence yet that this has changed, and price has been bouncing out of the 18-month (perhaps longer) cycle trough of early March with the strength we would expect from a dominant 20-week cycle. This week price rose up to the 40-week VTL, which it is expected to break above. The two 40-week VTL’s form a triangle which Crude Oil is now breaking out of to the upside.
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