Bottoms do not look like this. In the immediate future there are three possibilities for oil, either up, down or sideways. Isn't this insightful? But, on the longer term, more than a couple of weeks, I see oil going either down or sideways, in no case up. A bottom occurs when you see sideways action, false breakouts, divergences, V-bottoms are very rare and I doubt that this is a real V-bottom. Besides this, most traders are not short on this commodity, as shown by a traders report from Nymex if I recall correctly.