MacroVoices #382 Dr. Pippa Malmgren: A Tale of Two Civil Wars
Macro Voices
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The Crude Oil Continuous Contract Is in a Downtrend, Lower Lows Persisted
We've been in over a year down trend and the pattern of lower highs, lower lows has been persistent. What's interesting though is we've really entered a trade range where no longer is there any motivated selling on the downside. We're still holding the breakout well above the 61.8% Fibonacci retracement, which is at 4309 on the S&P chart. That makes no fundamental sense to me, but that's what the chart's telling us,. Since my fundamental view is opposite of what the chart is telling me, I'm on the sidelines.
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