[USO] likely headed down to $14-$15

The wave count for USO keeps extending despite recent models that expected some kind of bounce before we get the final bottom.   Now it seems that no such bounce is happening.  Still, this is not completely unexpected as you can see from this post.

Before I dive into the new count, here is the big picture.  When completed it will most likely be a perfect a-b-c with HT as the B wave.  This retraces the $120 peak in USO far more than a normal pullback so I have to believe that it is part of some larger structure even if I don't know what that is.  But I do know that after such a major wipe out there is going to be a massive bounce for the oil patch.  The only question is when.  If my current model is correct, the answer is not just yet but soon.

Zooming in on just the C wave, below is the count.  There is a lot to like about this count including W3 in the right location and 3rd of 3 of 3 has a large gap.  When I say "large", remember that this is oil we are talking about here not some social media stock.  This ETF is tied to the global oil price.

In any case, a bit more patience will be needed here but if it keeps selling off at this pace then a bottom should be in very soon, perhaps coincident with the major markets beginning to roll over as a so called flight to safety occurs.  Time will tell but it looks like the bottom could be in the $14-$15 range.