Cycle Trading

 
Oil still has not formed a recognizable daily cycle low.

The decline into the day 38 low failed to turn the 10 DMA lower, so we did not label day 38 as the DCL. The same thing happened with the decline into the day 46 low. Since the day 46 low, oil as trended higher while bearish divergences developed on the oscillators. Monday was day 52 for the daily oil cycle. That places oil late in its timing band for a daily cycle decline. We will use a close below the daily cycle trend line to indicate the daily cycle decline.