WTI Crude Oil – Weakness Ahead ?

oil gartleyThe chart embedded into this post is that of weekly nearest crude oil futures prices. I have overlaid 3 classic parallelogram setups on this chart. The first shape starts from the $115 highs in the spring of 2011 and delivers a lower apex that aligns with the July 2012 buy signal after which Oil rallied to $100. The second shape starts at the April 2012 $110 highs and projects down to an $85 buy signal in late 2012. The third shape starts at the October highs of $100 and uses the recent highs of a couple week ago in the construct. This parallelogram indictaes a lower apex should culminate in late March sometime. I doubt that price and time will square at the projected $81 level. A more likely scenario will simply see Oil prices decline in fits and starts to reach some sort of a lower level in the March timeframe. A note of caution however – Sun and Pluto will be at a geocentric 90 degree aspect near the end of March and Sun-Pluto hard aspects are typically associated with swing highs or swing lows on crude oil futures….

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