WTIC Light Crude Oil Weekly Chart Sideways Symmetrical Triangle

Oil is set up similarly to the long-term copper chart, as would be expected since the commodities tend to move in sync. The up move is strong, like ths strong moves in late 2011 with Operation Twist and anticipation of the ECB's LTRO's, also the move last summer when Draghi proclaimed support for the euro and pumped the markets with the OMT Bond-Buying program announcement. Chiarman Bernanke chimed in with QE Infinity as well. Since we are talking QE, the current rally is due to QE4 Infinity and Beyond announced at the end of last year. And do not forget QE2 in 2010, the strongest rally that free money can buy.  Does anyone not understand that the markets are purely a function of quantitative easing and money pumping, fundamentals be d*mned? The chart clearly shows the oil asset bubbles created by Bernanke and the Fed, and now thru coordination with the ECB.

The red vertical side of the triangle is 40 handles. A move out the top side from 98 and higher targets 138, likely in concert with escalating Middle East turmoil. A move out the bottom from 87 targets 47 which would be a deflationary funk that would leave most citizens of planet Earth shell-shocked. The near-term momo is up. Stochastics are overbot. Projection is for a reversal in oil to begin with price moving lower for an extended period forward with the top occurring at either 98 (now) or 102 anytime from today thru the next month. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.