Credit Agricole: Time to buy European banks?

Related to the reflation theme described in my view "Crude Oil: The Most Important Chart in the World".

• European banks trade at a 60% discount to the market (only seen during crises of 2008 and 2012) and represent a 'value' play amidst the prospect of higher rates resulting from the reflation theme.
  
  
• European stocks also trade at 'crisis lows' versus their US counterparts, and represent 'value'
  
  
• Credit Agricole stands out as one possible play on this theme and appears to have found support above 7.29 (2012 - 2015 61.8% retracement level)
  
  
• Though concerns linger over the future of the EU and issues within the Italian banking sector, the uncertainty over 'brexit' is behind us and markets are now looking forward with continued support and 'safety nets' for the banking sector
  

Consider a long entry with a stop below the 6.92 'brexit' pivot targeting a move towards €10 and possibly a break above €14.50 longer-term if the "Crude Oil: The Most Important Chart in the World" theme transpires.