12:10 pm EST: As proxy for Oil and Gas here’s a look the ETF of OIH on the daily and weekly time frame.
There is clear double bottom in place from the years 2009 and 2010 at 20.33 to 20.46. This as set-up the potential for new bull cycle heading much higher. The first primary wave (P1) of this new cycle should target the 42 to 45 pivot area. The weekly chart shows an inverse head and shoulders with a target at 42.08, where 31.27 + (31.27-20.46).
OIH Daily Chart:
OIH Weekly Chart:
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