Since April 2020 Crude Oil has developed a 12 point structure (shown below) that is similar to what was developed between January 2007 and February 2008 due to the $2 Trillion Cares Act that was signed on March 27, 2020. Two years and 3 months after the Cares Act was signed inflation pushed the Consumer Price Index 12-month percentage change up to 9.1% in June 2022. Crude Oil is expected to continue moving higher as it did in 2008 due the next wave of inflation in 2023 caused by the $1.9 Trillion American Rescue Plan that was signed on March 11, 2021.
Stock charts courtesy of StockCharts.com.
$WTIC 2020 – 2022
WTIC 2007 – 2008
