Agree with Steve

    Oil

    Posted by racerick on 31st of Dec 2014 at 09:26 am

    Obviously down a lot and somewhere in high 40's where TL is would/could be a possible short term bounce point. But typically most commodities don't make V shaped bottoms and oil supply situation typically gets worse in Spring (less demand), Though we may have some bounces, I personally think we'll have a fairly long consolidation pattern before we see a major trend change. Also, typically most times when you have a major sell off like oil has had, even if it bounces pretty hard, typically you'll get a back test that will often undercut prior lows.

    THX    racerick as I

    Posted by rbreese on 31st of Dec 2014 at 09:37 am

    THX    racerick as I agree it will be a LONG time for a Major bottom.

    A CIT (top) on January

    Posted by darnelds on 31st of Dec 2014 at 04:29 pm

    A CIT (top) on January 1, 2003.

    A CIT (bottom) on January 1, 2009.  6 years.

    Here we are exactly 6 years later, January 1, 2015, approaching a 10-year trend line.

    If that trend line acts as support on Steve's chart, the major bottom may be in the next couple of months with wide swings that may offer trades.

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