Long USO, however price is nearing resistance in a potential complex corrective rally off the January lows. A new high in price on divergent technicals could initiate a pull-back. The nature of this supposed pull-back will offer clues as to whether the low is in, or if on final decline lies ahead. Decline - should it develop - could extend below 7.00.
Given the February low was seen on a clear 3 waves down (labeled (x) here) I'm not confident in longer-term bullish prospects considering the Elliott Wave. Only a solid 5-up, 3-down holding support, and taking out the top of that initial 5-up would increase probabilities substantially in favor of a meaningful low last month.
Given the February low was seen on a clear 3 waves down (labeled (x) here) I'm not confident in longer-term bullish prospects considering the Elliott Wave. Only a solid 5-up, 3-down holding support, and taking out the top of that initial 5-up would increase probabilities substantially in favor of a meaningful low last month.