Some interesting things to note.

The glaring ommision is the fall in oil prices between c and d that corresponded with the tech bubble burst. If oil prices come down from today's highs and that begins to repeat, it should confirm a recession and perhaps a bear market.

If the market channels as oil prices come down, that would historically be a very bullish sign.

If the stock market does not channel or move down, if it moves up into falling oil prices, historically that is the signal for a large upward move.

The signal we're looking for is a downward channel in oil, somewhere in the range of 65-72 area. If this happens, setting in a series of 2 lower lows and a lower high, it should indicate a stalled oil market. Should the stock market rise during this period, the technical confirmation will be in. From '73 to the present, every time oil prices have stalled at a high and stocks rise thru it and continue to rise as oil falls, this period preceeded a very large gain in the stock markets. It has happened every time.

Oil to stock is leash to dog. How alive is the dog? Let some slack in the leash, if he's sick sleeping or dead, nothing will happen. If he's awake and raring to go, he'll run.