In the backlink I modeled that the B wave for USO was complete (B of 4). Instead, the market chose to make a WCB out of it. I model that this correction is now over and that USO will now get a C wave move up.
The breakout trigger is the coming move above the top rail of the HT. The model bust indicator would be a lower low than green C and even a break below the lower rail would send me packing. My target price for the coming bounce would be 22.37 which is the 38.2 fib retracement of wave W3. Target price for WTI is $8 (currently trading at $5.97) and CJES target is still the original $20 that I mentioned when I first discussed the shares (now trading at $13.63). While my previous peak target for $27-28 was hit and held, the action since does not look very motive downward and so it is possible that RUSL will breakout with the rest of the oil plays. The prior 4th for it is $60, now trading at $25.11. A higher high than $28.75 is the trigger for me to officially change my model upwards like that and the move really does need to begin early next week. If you are not already holding RUSL, wait for it to break out above $26.50 and then pull back a-b-c because the alternate bullish wave count is for a move back to $19 before the next big move up.
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