🛢 CRUDE - Week 14 of the base cycle

 🛢 CRUDE - Week 14 of the base cycle (28 weeks).

🔺 The extreme forecast for crude on September 3 (https://t.me/jointradeview/83) could not stop crude on the breakout of the lower border of the large triangle. After such breakouts, before continuing the movement, the price often returns to the breakout line or back to the triangle. Also, the breakout can be false, which will be confirmed by a breakout of the upper border of the triangle.

🐻 The current basic cycle looks bearish, as the price broke the level of the beginning of the cycle (see the weekly chart). According to the timing, the end of the cycle is expected in November-December 2024. My bearish sentiment (https://t.me/jointradeview/140) for oil in the long term remains. The next extreme forecast for oil is on September 23.

👉 See also review and forecast 2.9-6.9 for S&P (https://t.me/jointradeview/220), gold (https://t.me/jointradeview/222) and yen (https://t.me/jointradeview/224).

#crude