Slope of Hope Blog Posts

Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.

Broken Rhyme On Natural Gas

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I did a post a month ago looking at the triangles on Oil & Natural Gas. I’ve been following both since, amid the intermittent turbulence in the Middle East, and the rhyming triangles scenario I laid out in the post likely failed on Friday on natural gas. I’ll cover that further down but first I’ll review where we are up to on oil.

On the WTIC chart the triangle that broke down had a target at a retest of the May 2023 low at 63.57, and that remains the case. Invalidation of that target would be at a break back over triangle resistance, currently in the 81.2 area.

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Rhyming Bearish Triangles on Oil & Gas

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There’s an old saying from Mark Twain that history doesn’t repeat itself, but it often rhymes, meaning that the same patterns recur, but are never quite the same.

Back on Sunday 11th August I recorded a The Bigger Picture video in which I was looking at two possible bearish triangles on oil and gas. These weren’t at the same stage, but I have been thinking that they might well be part of the same possible overall sequence.

A couple of weeks later the triangle on oil (shown here on $WTIC), broke down with a minimum target at a retest of the 2023 low at 63.57. This is the chart I posted with The Bigger Picture video I recorded on 25th August.

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The Rutles

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As I try to shake off the nothing-is-happening-in-the-market blues, here are a couple of ratio charts, each of which use the Russell 2000 ($RUT) index.

This first one is the entire history I’ve got of the NASDAQ 100 divided by the Russell 2000. As you can see, the ratio chart is at levels never witnessed before, because every human in the entire world has dropped 50mg of LSD and is running around screaming their heads off.

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