No one knows for sure where oil will turn and this chart doesn't claim to know either. We won't know till we start seeing some bullish candles appear on the chart. But with that said, this chart, like so many others, is looking for that turning point. What is shaping up on this monthly chart is a Hybrid bullish bat/alt bat pattern . Not a true bat or alt bat, but something of a mix of the two. To me, a bat is a bat and that is what i think we have here. The price of oil has finally reached where this batty cycle started and perhaps, this is where we will see a new one begin.
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littleriver
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Upon further review, I am of the opinion this is a Bullish Alternate Bat pattern.