Energy ready for prime-time?
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An updated view
Pattern taken from reverse symmetry.
Elliott Waves
Stochastic RSI Oscillators
The 12 Month oscillator pushes everything upwards. Since the 3M oscillator is at it's top, we expect a short drop until mid 2023. It will be short because of the effect of the 1M oscillator as well as the 12M one.
Oscillators tell us that it is probable for price of energy to drop until Q2 of 2023 and then begin it's rally. Energy could very well increase now. The ABC Elliott wave shown on the main chart is alarming.
An alternate scenario is this.
A 5-step Elliott wave.
Either of them could play out.
Tread lightly, for this is hallowed ground.
-Father Grigori
Pattern taken from reverse symmetry.
Elliott Waves
Stochastic RSI Oscillators
The 12 Month oscillator pushes everything upwards. Since the 3M oscillator is at it's top, we expect a short drop until mid 2023. It will be short because of the effect of the 1M oscillator as well as the 12M one.
Oscillators tell us that it is probable for price of energy to drop until Q2 of 2023 and then begin it's rally. Energy could very well increase now. The ABC Elliott wave shown on the main chart is alarming.
An alternate scenario is this.
A 5-step Elliott wave.
Either of them could play out.
Tread lightly, for this is hallowed ground.
-Father Grigori
Nota
Most, if not all technicals point us towards the 2000-2001 period, both for equities and for energy.I am skeptical though, if we will have a "spring" in the energy growth. The spring term is used in a Wyckoff Accumulation, the lowest point just before the decisive growth.
The USOIL/SPX ratio is historically resisted from the 2M ribbon.
The difference on the 2 month chart.
Look at the 3 month chart as well.
Finally, look at heating oil. It represents both diesel fuel for home heating, as well as diesel fuel for trucks, for supply chain. Food prices depend on diesel, not gasoline. Food price inflation in EU has reached 15% in some instances. Turkey has an official food inflation figure of 99%.
I am nitpicking but whatever...
Nota
Doesn't get any worse mate...Just noticed something.
Nota
New USOIL chart based on my latest chart modifier:
Nota
New USOIL chart based on my latest chart modifier:
Penafian
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