Fifty-nine cyclical gauges, from Brent crude to office vacancy, placed on one boom-bust wave by where each price sits against its own multi-year range and which way it is moving.
The Iran war that began on 28 February 2026 and the fight over the Strait of Hormuz pushed Brent to $126 in April. It is back above $110. Twenty-one of the 59 gauges sit in the peak zone, most of them downstream of energy: diesel cracks, European gas, coal, fertiliser, tankers, trucking rates.
US inflation re-accelerated to 3.7% with energy up 20% on the year. The Fed hiked in September, held at 3.75–4.00% on 28 October with a December hike mostly priced, and the 30-year mortgage is 7.4%. So the bottoms cluster in rate-sensitive assets: homebuilders, housing turnover, office, and the precious metals that ran on rate-cut hopes.
Lithium, nickel, petrochemicals, LNG carriers, rough diamonds and polysilicon are cheap because too much capacity was built, not because rates are high. They turn when capacity leaves, and some of that has begun: China's anti-involution cuts in solar, cracker closures in Europe and Japan, record LNG-ship scrapping.
Hover or tap a dot for the reading. Left of the trough is still falling; right of it is recovering. The bands behind the wave mark the two zones that matter most to a buyer: bottoming and peak.
Petrochemicals have sat at the bottom since 2023 and lithium since 2024. Bottoming means most of the downside is spent; it does not say when the upturn starts. The strongest signal of a turn is supply leaving (mine closures, ship scrapping, cracker shutdowns), not the price alone. This page positions industries against their own history. It is not advice to buy or sell anything.
Each gauge gets a phase from 0° to 360°. 270° is the trough: price near the low of its multi-year range with supply still being cut. 90° is the peak: price near the high of its range with supply responding. Placement weighs three things: where the latest reading sits in its five-to-ten-year range, the direction over the past three to six months, and whether capacity is being added or withdrawn. The six zones are 60° wide. Solid dots are in the bottoming or peak zone; hollow dots are in the zone beside one; grey dots are mid-slope.
Readings are the latest available from exchanges, trade press and official releases. The "as of" column marks the ones that are a few weeks old; several came from secondary sources and should be checked against a live quote before any decision rests on them. Phase positions are judgment calls, and an industry one zone to either side of where it is drawn would not be a surprise.