Head and Shoulders Bottom. Cycles are Cycles.

It appears black gold has been attempting to breakout of the head and shoulders formation. This cycle second only to 2008 can continue to run into 2017. The 12 month count from trough to peak from the previous 7 down cycles. The average return on the 12 month count is 150% return from the trough. Note the FIB levels. When use proper a great tool. Using the MA's can also provide perspective on price targets. Underlining instruments are mean reverting.

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The clip below provides a 20,000 feet view. Note cycles are cycles and FIB levels for color on projection of price levels. A tool one should have knowledge of.