NYMEX:CL1! LIGHT CRUDE OIL FUTURES
Posted this chart some time ago, been updating it. in mind, in 2011 the right shoulder of that HS did NOT complete to the neckline. We have touched the support line which the previous left shoulder and head broke through to complete. But the right has not, after two touches. With Oil and the S&P engaged now, have to believe Oil getting a bit of a lift from that index. But S&P breaking down now, so do we have enough time to touch the neckline before the rates lift off in December. Lets all take a second here. Rates up, dollar up, oil and down, markets down, except for banks maybe, and they HAVE gone it alone in the past. Rates stay the same, for fear of oil crashing around the world, market up yet again? Wages up, starting to stir, minimum wage now taking hold and corporations complaining outloud now. This market is addicted to what the FED does, plain and simple, so disconnected from the real economy. Bottom line, they have to raise or loose credibility. What is next... to end currency wars, one world currency, watch it is about to happen. But there has to be a crisis first, a currency/economic crisis to justify it or people will not change and accept the need for it. Couple things would qualify... how about a market crash when rates rise because the rubber band was stretched too tight, and it snaps. Maybe, maybe not? What do you think? If they raise, and oil not only touches the descending neckline, but break below it, like GS said to the 20's, watch what has to be done to save the oil industry, which is too big to fail. Remember, the S&P and oil are tied at the hip now.