With the rapid decline in oil prices recently, Cramer thinks that nothing seems more important to the near-term direction of the stock market than crude.
Black gold broke down again on Friday, stumbling all the way down to $57.81, its lowest close in more than five years. In order to get a grasp on what is happening, we need to get an idea on where oil is headed.
Last week, the "Mad Money" host consulted Carolyn Boroden, a technician who runs the FibonacciQueen.com website and is a colleague of Cramer's at RealMoney.com. She used a Fibonacci analysis to predict where the floor of resistance will be for oil.
Last week, Boroden was bearish on oil. She saw that oil had a floor of support around $64, and then if it didn't pass a few tests then it would be in for a big drop. Sure enough, on Monday the price of oil broke down from $64 and has been on a slippery slope ever since. Looking at the weekly chart, she sees that the next floor of support is between $50.46 and $55.67, where she thinks oil could bounce.
Before investors get really excited, Cramer wants to clarify that any bounce is bound to be short-lived. Specifically, the timing cycles point out that oil's short-term bottom will occur between the 11th and 12th, and 16th and 18th. One of those cycles was cleared when we hit a new bottom on Friday the 12th, so the next one is nearby.
Boroden predicts that this temporary bounce will have a ceiling of resistance at $69.70.
Her chart work suggests that oil could be due for a bounce next week, but it will be short-lived. She predicted the bottom, stating that the next stop on the downtown train of oil will be $50-$52.
"I think it's very likely that could be our next stop, although it might not be the last station on the way down," Cramer said.
Read More Cramer: Oil bottom could be closer than you think
In fact, the slow and painful death of oil is just plain torture, and Cramer thinks we have a real problem on our hands.
"Only the Saudis can let up. Everyone else is going to go full out to pay the bills. It's a gigantic prisoner's dilemma and the marginal producers will eventually go belly-up," the "Mad Money" host said.
The real problem here is the dramatic shift in oil's direction. After soaring above $100 during the summer, it has gone down almost 50 percent for the year, and still continues to fall little by little.
So how does this torturous decline in oil end?
Let the problem cure itself. Let Venezuela, Libya, Iran, Iraq, Nigeria and Russia stop drilling out of fear of not being paid. Then they will run out of oil, which will take down the supply by 2016. That will send crude bouncing back in 2015.
But it certainly won't happen in 2014. Not now, and not at these prices.
Read MoreCramer's guide to ending oil's hemorrhage