"The monthly and weekly Crude Oil charts have been forming a 9-month triangle within a 3+ year triangle. This price behavior represents a tremendous amount of compression that will at some point be released.
Of great significance, in my opinion, was the upward price thrust in mid-June that completeed an inverted H&S and the smaller symmetrical triangle. This upward breakout has now proven to be a classic bull trap."
(perhaps this is why talk of taper is occurring now. Ben recognizes the inevitable, so let the markets do their thing for awhile, so when things really slow down, they can have ample evidence to show re-goosing is in order. The GDP revision downward in Q1 to 1.3% isn't exactly boding well for future direction of consumer spending. Without the QE where would that number have been ???
)
