Golfin
I highly recommend learning everything you can about Hurst cycle analysis. It is the answer to your question put to Airedale. Airedale reported that when he discovered Hurst years ago, it was like the curtains on the market had been pulled back.
We are now at a 2.5-week cycle low, and Airedale trusts cycles more than stochs. However, Airedale also expressed a little caution when taking his position today, realizing this market could experience a shift in trend soon.
Your oil theory, Golfin, is reasonable but it may be early--maybe not. However, the market does not do what is reasonable (to our minds) but what is cyclically necessary.
I hope Airedale doesn't mind my speaking for him. I know that if I were him I would tire of questions like yours because he has been publishing his views repeatedly for years. Searching the record (here and on Raging Bull) and reading everything he has to say would be a worthy endeavor. He is a truth teller and an outstanding trader/investor.
Hurst works. Period. I assure you there is a way to invest where you skew the risks so low that one could hardly call it speculation. Search for that level of skill.
Blackbelt