Listen - Nifty and Crude can bottom together - SoundCloud Podcast online.
https://soundcloud.com/indiacharts/nifty-and-crude-can-bottom
Not convinced then read my Recent Article on Crude and Stocks below.

World markets remain in extended panic as seen in elevated Volatility indicators. This is always a sign of a market low than a High. Anything is possible and price is king but equities need a change in sentiment to call a meaningful top.

Are we in an Economic Winter? Can Oil tell us anything about where we are in the market cycle? I think it tells you a lot. Just as Copper is called Dr.Copper Oil maybe the HOD - or head of the department.