[WHZ] update

At the backlink I had high hopes for WHZ but pretty much zero tolerance for holding it if the key support level did not hold (and it didn't).  I provided the chart below with the following unedited commentary:

...stop out at anything below the 38.2 fib. ...

The thinking was that the gap above the 38.2 would either be a breakout or a head fake so buy the breakout but then sell if the key support level could not hold.  Again, it did not hold so that model went bust and EWers reading and heeding my blog would have avoided any real loss at all.




Fast forward to today.  I think it is nearly time to buy in this region (probably at the close today) and then look for, at least, a 3 wave move to the level of the prior 4th.  If I'm wrong about thinking this is 1 of 5, the chart will blow past the prior 4th.  But if I'm right we should see 3 small wave that would tell us to bail out because following that we should expect to see a big gap down into 3 of 5.

Of course, if this happens in WHZ then expect something similar in USO.