Here is the backlink. USO extended a bit more than I expected but I forgive myself for finding it difficult to count such a nearly straight line. In any case the primary count is shown below.
The alternate count is that the recent dip could be an a-b-c and if that is the case then the top wave is not black 5 but an extended black 3. A higher high than black 5 would indicated that another nice wave was playing out upward. But at some point the wave 2 retracement will come so be looking for it and do not ride it down. It could be just 38.2 fib but it could also be a 70 fib since it would be the initial wave 2 following the turn.
A good way to play this for most people will be to just wait for the big 2nd wave pullback to find an entry point. That would create a high odds setup no matter if the following wave is a 3rd or a C.
Tuesday, February 3, 2015
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