( Crude Oil ETF
) has traced out ICL's (Intermediate Cycle Low's) roughly every 118-120 bars (TD's) or 171-174 (CD's). Note the swing lows on 02/11/2016 (coinciding with major stock index ICL's), 08/03/2016 and projected 01/20/2017 (next major ICL). Cycle high's have been a bit less predictive (represented by the dark green cyclic vertical lines). This past H-H was 93 bars (133 CD's).
Potential short-term low outlined with red trend line
intersecting blue up channel