[USO] reversal likely in progress. [RUSL]

Backlink.  USO moved up aggressively today and has clearly broken out of its downtrend.  I can count 5 clear waves down after a valid 4th wave HT.  That makes this a high probability play.  Did you really think oil goes straight to zero like Cramer was spewing?  Where is the pie in the face for that clown?

USO bottomed yesterday but RUSLites were not convinced this morning, trying to shake out the last weak hands.  Then it did the intraday reversal and closed up ~6.5%.  Note how it also gapped back up through resistance, thus clearly showing that the herd is no longer respecting this virtual fence.  It was always capable of doing so but just now it actually did so.  This is a buy signal with easy to define stops: it should not fall below this level again until the next big bear arrives but first we need a trip to $40 or more.

There is an alternate count which says that USO can double bottom down to about $17.25 (inclining double bottom really).  If they play that game I will add to my RUSL position.   That could also express itself as a back test of the support floor from above.  Gotta have some volatility near the turns in order to shake as many weak hands as possible, right?