OIL

Across all versions of 3C, the 15 minute timeframe is where the accumulation seems to be occurring. The blue arrow represents price's trend lower and the while is 3c's trend higher, this represents positive accumulation. Most other shorter timeframes today show price and 3C in-line which is to say conforming price action and not telling us much. The dollar was higher today, so that would explain in part the weakness in oil, but it seems there may be another reason oil is under apparent accumulation. As I tell you, we usually find out when the information is no longer useful.

To see a trend clearly, I often use a longer chart like a weekly, this is a 3-day chart. We see a few important things here, one-the volume tends to rise-even subtle near bottoms and then we see a reversal of trend-compare each highlighted volume bar with price action after it. Next , even though oil was down today, it did not break important support that has been established. Last, under and over price are small blue arrows, each one is connected by the long blue arrows and it shows clearly we have a trend of higher highs and higher lows which is the definition of an uptrend. The are not huge knockout scores, but taken together a picture emerges of underlying strength in the trend.

This is not a guarantee, however it is a higher probability and that is what we look for in our trades, higher probabilities. Thus far, I don't see any real damage to the oil trade, but we must use risk management always as the market is very dynamic.