S&P 500 versus oil

January 1999. The stock market marked a maximum against oil. From there on, the oil started to increase in value and informed investors switched their assets from stocks into oil futures. June 2008. The oil hit an absolute maximum (Light Crude Oil at 170 USD) and a relative peak against theS&P as well. As we see on the chart, there has been a correction in 3 waves where OA is almost equal to BC. The correction is aparently done and now shares should behave better than oil even though the media is putting a lot of pressure on investors to buy more oil based on the Libya crisis. A possible trade could be to buy RSU (50%) and SCO (50%).