Signs of strength
Comment:
Feb 2017 downtrend resistance broken
Comment:
This long consolidation appears to shape as a triangle so far
Comment:
US could exit Iran deal as early as next month. Quarterly certification in mid Month, Trump was aggressive yesterday. Could that be the MidEast catalyst I have been looking for?
Comment:
More indirect signs of rising MidEast tension plus LT cycles turning bullish. Good so far
Comment:
Solid, more and more triangle like which of course means one larger wave missing
Comment:
Good bounce from 55 wma and Iranian decision coming soon. Appears to me triangle on the way to be completed
Comment:
Oil appears to be ready for a new upleg or close to completing the consolidation
Comment:
Next week we have Oct 26 and oil is ready to breakout finally from this long long consolidation
Comment:
Oil at multiyear downtrend resistance. If overcome (base case) then upside is open initially to mid/high 60s
