USO update

The bottom chart of this post was provided yesterday but I see a slight variation being possible which I have provided below.  The near term implication is for a slightly higher bounce than anticipated in the prior post up to maybe $22 before a drop to $18.50 instead of the previously anticipated $19.50.

One thing is sure: we are pretty near a significant bottom when we start reading panic-ridden "longs throw in the towel" and "OPEC is dead" articles.