Similar pattern in 98-99 that confirmed end of Bear Mkt in Crude
Researched and found a similar technical pattern to todays Crude bear market that ultimately ended the Bear and turned it into a rally. In 98-99 Crude entered a strong bear market, dropping over 50%. Market made 3 new weekly lows in that time before rallying back.
In 2015, a similar pattern is being produced. 3 new lows, in Jan, April and August. A sort of "WV"pattern, with each new low lower than the previous thus producing a downward slanting "WV".
The length of the bear is also similar, however, 2015 bear is still on going for now. In 98-99 it lasted approximately 497 days. In 2014-15 it has lasted approximately 490 days. I'm measuring from last market high before entering into bear market to the last weekly candle before confirmed breakout to a bull market.
Disclosure, this is purely a technical analysis. The fundamentals of oil between present and 98-99 is varies greatly. Presently we have a huge oversupply and overproduction.
In 2015, a similar pattern is being produced. 3 new lows, in Jan, April and August. A sort of "WV"pattern, with each new low lower than the previous thus producing a downward slanting "WV".
The length of the bear is also similar, however, 2015 bear is still on going for now. In 98-99 it lasted approximately 497 days. In 2014-15 it has lasted approximately 490 days. I'm measuring from last market high before entering into bear market to the last weekly candle before confirmed breakout to a bull market.
Disclosure, this is purely a technical analysis. The fundamentals of oil between present and 98-99 is varies greatly. Presently we have a huge oversupply and overproduction.