As luck would have it, COPX peaked on the very day of my post. It's not down much since then so I would think it should pull back more before moving higher if the recent bottom was indeed the bottom. But I'm also open to the possibility that wave 2 down might already be in place because of the GOE that appears just to the right of blue 5 below. If that were the case then it would show very pent up buying forces and the bullishness would be very, very high. JNUG would participate to the upside if COPX moves up. So would all oil services.
Use COPX as an indicator but bet long using the leveraged plays like CJES, ORIG, YGE, JNUG, etc. and of course, if you are going to buy then for goodness sake have the patience to buy the dip and NEVER EVER chase the peaks.
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