Oil had been consolidating below the 200 day MA for the past 2 plus weeks. A clear and convincing break above the 200 day MA would have had us label day 20 as the daily cycle low.
Instead oil delivered a clear and convincing daily swing high.
Oil printed its higher point on Monday, which was day 32 for the daily oil cycle. Oil formed a swing high on Tuesday that saw oil close below both the 10 day MA and the 50 day MA to confirm the daily cycle decline. Oil is currently in a daily uptrend. But if oil closes below the lower daily cycle band that will end the daily uptrend and begin a daily downtrend.
Cycle Trading 
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