In addition to the posts shown below, most Daily Update posts include a chart and forecast for crude oil futures.
The last high was probably an overshoot
It should cut into the year-long advance
I was working on the ETF that tracks crude oil, (USO), and have decided to promote what I had as an alternate count in crude to the primary, that there is one more high needed to complete a five wave sequence up from the low from last year.
The primary hypothesis in Crude is that the 2017 low was a truncated low and that we are now seeing the first move up out of that low. The next move should be a corrective move lower that last at least until May if not continue into October.
UNG, the ETF that tracks natural gas, has elected to take the alternate path from when I last posted these charts by pushing to a new low under that of the 2016 low. The dominant cycle has shifted a...
The outlook for UNG has not changed over the last few months. It has failed to rally much but then hasn't fallen either. Still favor a bounce that can test the highs from last year.
Updated weekly chart but very little change from the earlier post here which you should read as a reminder of the possibilities. The most noteworthy difference is that the cycle detection is focusing on a shorter cycle which has the ideal low at the end of September.
We are watching natural gas prices very closely right now. The technical picture makes a strong case to expect a reversal and rally soon.
The dominant weekly cycle in UNG is bottoming out now and starts to turn up into early 2018 making it interesting to see if a higher low or test of the previous 2016 low takes place over then next...
Since I have started to think that the low in crude is in, I thought I would update the charts for likely the most popular ETF for crude, USO. The monthly chart has a fork placed in a similar way to...