Thursday, January 7, 2016

[USO] update

At the backlink I was looking for more southing by USO:



We got a very nice move up on the 6th that matched the model nicely.  I simplified the count below.  It might be done already per the red or it might need to get down to the ($9.50 -$9.60 level before bottoming.  It could even hit $9.30 because commodities like to extend the 5th wave.  But this will not go on very much longer I'll warrant.  There are just too many signs including the jobbers not making a new low along with the underlying commodity.  FOMO (Fear Of Missing Out) is settling in.

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