If a deleveraging like 1999 is happening, perhaps we will see 1999-2008 in oil play out in a similar fashion? Not saying it will or won't happen, but it currently looks like oil is setting up momentum for a future breakout.
I copied the bars pattern from 1999 to 2008. Maybe it's too bullish? Or maybe not bullish enough. I would venture to say that it seems so much worse than 1999, the prediction isn't bullish enough, but I'm not sure.
What do you think?
Good luck and don't forget to hedge your bets :)
I copied the bars pattern from 1999 to 2008. Maybe it's too bullish? Or maybe not bullish enough. I would venture to say that it seems so much worse than 1999, the prediction isn't bullish enough, but I'm not sure.
What do you think?
Good luck and don't forget to hedge your bets :)
Note
Correction. bars pattern is actually from ~Jan 2001 to 2008Note
I'd like to give a BIG thanks to everyone for your feedback! Here's a few similar ideas that inspired this chart that you might also critique or enjoy:M2 Adjusted Oil:
S&P vs Oil:
S&P vs Gold (suppose gold might breakout similarly to oil)
M2 Adjusted soy/wheat/corn/sugar:
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.