NYMEX:CL1! Light Crude Oil Futures
This correlation speaks volumes right now. The red X is where the markets watch oil go lower than the previous low, lower than they thought, were scared it was going to collapse, equals flash crash in . In this of oil , the left shoulder and head, when the price of oil went lower than the previous lows of each structure, blue lines and green circles, it went very low, and the markets reacted with that move lower. This right shoulder reached that same point and bounced, and so did . The entire investing world has either gone long OIL or wants to go long OIL . Its the honey pot. And now we have the S&P staring at major resistance the previous highs. And we have Oil staring at its upper , thin blue. Indicators are neutral. And the FED has gone and starting "talking" big time publicly about raising rates in december. The newest news that could effect is ISIS bomb a Russian air liner. Putin will retaliate, and not like a weak Obama, like a lion, like a , like he has been waiting, almost set this up to happen. What better way is there to increase the price of oil , for a country based on oil production, than to restrict supply lines or shut down oil rigs, AKA a war right there in the Midde East where, you guessed it, there are one heck of a lot of oil rigs. We El Nino took away the hurricane threat the the gulf oil rigs. How is Putin not justified by protecting his troops in Syria than to do what he wants, because he knows the US will not stop him. I have no data for this, but how does tat story sound to you? This last triangle for oil , between previous low and upper trend sets the stage. Time will force it one way or the other. Do we complete the right shoulder or just go up from here? Time will tell. My opinion is we touch the blue previous low one more time before??????