As of Thursday's close it likely has completed wave 2 down and then 1 of 3 back up and then 2 of 3 back down. The red path is also possible but blue is the primary count. If blue is right then USO should move up rapidly tomorrow because it will be building a 3rd wave. A gap up is not out of the question. The stop loss is just below pink 2 so even if the model is wrong, the EW principle limits your loss to a very small percentage.
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