Oh, my! Look what our friend crude oil did!
Remarkable chart, isn’t it? Yesterday’s big plunge perfectly tagged the supporting trendline, and crude bounced strongly. Overnight, prices took another swag at the trendline, and bang, the trendline is now broken.
Looking at more time, you can see this was telegraphed nicely by the head and shoulders top.
On the multi-decade level, the chart, to my eyes, suggests – – as I’ve mentioned ad nauseum – – vastly lower prices ahead, since the economy is headed for worldwide disaster.
