The chart in question is WTI crude oil, the main U.S. benchmark for oil prices.

Bitcoin BTC$79,890.73 traders, and traders in other markets, should keep an eye on it because oil appears to be at an inflection point, with a big move likely. And that move could have major implications for inflation and risk assets.

The daily WTI chart looks like a funnel lying on its side. The wide price swings of March and April have steadily contracted, with lower peaks and shallower dips narrowing toward a tight neck near $102.