[USO] update

All things oil have been on the rally of late.  But now we are at or near printing 5 waves up so the EW expectation should include a pullback that is potentially deep vee in nature.  While the retracement is expected to only last a couple days, we cannot yet be sure if the current wave is a 5 wave motive deal or an a-b-c.  In truth it could count both ways. 

Thus the need for capital preservation above all other considerations says get to the sidelines on this (and all things oil) and then wait for the pullback.  If it is 3 waves as shown to the prior 4th (which could incorporate a gap fill as well) or a 3 wave pullback to any of the usual fibs then it would be a good EW point (meaning a good bet, not an absolute certainty) to re-enter with tight stops just below your buy in point.