ΣL Oil Composite - 8th August 2024 | @ 84 Days | + 10.69%
Last trade: + 10.69% | 'C' class signal detected in Sigma-L Oil Composite (WTI Crude Oil, Brent Crude Oil). Average wavelength of 84 days over 14 iterations since May 2021. Currently troughing
ΣL Cycle Summary
As we await the trough of the prominent longer wave around 17 months to develop in oil, we can observe that this component has dictated price action to a large degree over the last month or so. A sharp move down in July has once again established some amplitude for this wave in the frequency domain although it remains a strong ‘C’ category signal due to the wide modulation of the past. A subsequent move back up, with power, and breaching the peaks of early July will be a strong signal of the larger wave having bottomed out.
Trade Update
Summary of the most recent trade enacted with this signal and according to the time prediction detailed in the previous report for this instrument, linked below.
Type: Sell - ΣL Oil Composite 1st July 2024
Entry: 1st July, 2024
Exit: 8th August, 2024
For a composite analysis, each constituent’s respective gain over the period is displayed, in descending order. The average of the constituent gain is also shown.
Constituent Gain:
Brent Crude Oil (10.76%)
WTI Crude Oil (10.62%)
Composite Average Gain:
10.69%