Busted Bowls

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Well, there’s no denying it. The beautiful rounded tops that were taking place in energy commodities are long-since busted. The last, best hope for these was actually just before the election, but since then, we’ve seen almost nothing but unabashed ascents in crude oil…………

slopechart CL

……….heating oil…………..

slopechart CME HO

……….and gasoline.

slopechart CME RB

I haven’t given up on energy producers, however. There are plenty of these outfits that have fantastic topping patterns, in spite of oil’s huge rise, and this is most tidily exemplified in the energy ETF below. It’s all about that one trendline at this point.

slopechart XLE

Finally, and unrelated to energy, silver actually has a sporting chance of entering its own bull market. Gold has stunk since August, of course, but for whatever reason, silver is not nearly so awful, and its own prospects for bursting above its saucer pattern are still completely intact.

slopechart SI