USO is threatening strongly to put in a HT and if that is the case then we must beware a strong 5th down as shown below. This would be a serious buying opportunity even for the USO ETF itself, never mind the beaten to crap resource stocks like ARP, ORIG, etc.
Folks, this potential HT is not a confirmed HT until we get breakdown below the lower rail. If we get this HT breakdown then blue 5 should happen quickly and you must be on your toes to buy all things oil when 5 waves transpire from HT4!
If the chart below happens it will be a very, very high odds EW buy setup. BOLO the unicorn tail here - there and gone quickly so that few jump aboard for the subsequent run up.
Everyone is so bearish on oil as if it is a toxic spill. This is happening even as as drilling rig count has plummeted meaning there will be a slow down in future supply for sure. Also, the middle east kingdoms who control their population with bribes from oil sales are not immune from the financial impact of giving their oil away for waaay too little money. Their wells are not bottomless pits and they know it. Oil is down but not out. All that we are trying to do is time the bottom here. There is no doubt that a major bottom is coming.
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