Crude Oil is in the process of forming a similar pattern. The right shoulder is being formed, as the sell-off since June's 51.34 top has stalled and reversed from close to 38.74, a 50% correction to the entire 2016 rally (26.14-51.34). A long trend of lower weekly highs has been ended this week, the first sign that sentiment may be switching to bullish.
The end to a sequence of lower quarterly highs has switched our 3 month call to bullish, but ideally the market needs to recover above the broken long-term quarterly bull trend to give confidence to bulls.
However, signals are pointing to the probabliity that a long-term low is being put in place. The stop on this view is at 35.35, April's base and targets are to 51.34, June's high and 62.58, the 2015 top.
If the Head & Shoulders pattern is confimed then Oil has a target near $ 75.00.