We will be waiting for a break out of the lower . Once that happens we will watching on lower time frames for a retest and rejection before taking the short position. The targets would be 55, 30 & 15 which are previous strong support levels.
If the rally breaks up and out of the 110 level then this trade will be invalid.
Just take a look at the CVX monthly chart from 1975-2016, but please use logarithmic scale. The arithmetic scale doesn't show the truth when checking a very long time frame. You'll see CVX has a good uptrend with a few hiccups.
I'm not bullish on CVX and I respect your idea. I only think it is too extreme. Thank you for sharing it!