What’s Wrong With Cousin Earl?

Crude oil leaves room for concern as it has yet to rally with the rest of the market here. Looking back a few years, on a weekly chart, this is either a perfect spot for a long (tight stop underneath), or a perfect place to get short.

Further weakness could bring a breakdown in price, which in turn should lead to lower equity prices. I have a hard time believing the market rallies without oil, what say you?