Finished – somewhat – moving into the new rental out here in San Diego. (I REFUSE TO BUY OUT HERE) … little bit brain dead but “something” told me to take a look at crude oil futures and that bizarre low of -40 bucks. Could that low be harmonic?
Of course not .. well, shoot, it was:
So .. what the heck are we looking at:
- Crude Oil Monthly – LOG (key, these are percentage moves) since 1984. Couldn’t get anymore data that that.
- The 1.3348 is a ratio (Perfect 4th) for the equal octave scale of music.
- 1.3348AB = CD and the extension from the “old” all time low was, yes, 1.3348.
- A good technique to use is to look at the last MAJOR retracement and see what that number was … in this case .749. TILT … well take 1/1.3348 and we get .749. The market did, in fact, give us a clue. Pretty wild …
- The dashed blue move down? .786 the blue measured move …
- The move up to the old all time high? 1.1892 which is the ratio for the “minor 3rd”
- Last, and this was the “kicker” for me … using the open/close after the negative spike low … the high at 130 was exactly equal to that measured move. Nice …
Anyway, just bored so thought I would cruise the charts.
I’m looking to get long Crude OBTW …
Bart
Hey Bart, I’m also in SD area. Welcome to the land of fruits and nuts.
Dave – we should get together. Do you surf? We can meet in the lineup!
Beautiful Work!
Coleman thanks and GREAT to hear from you.
I always look forward to your posts, Bart. Awesome work. Request on $XLE, and how energy stocks look. Thanks
Thanks Joe … appreciate the fact that you even come to the site … XLE coming up. Bart