GDX, USO/UCO update 06/24

GDX:  counts best as having completed either minor-a, b (green) of intermediate-c or those recent highs and lows were only minute-a, b (grey). Price above the June low will confirm much higher prices: back above the 200d SMA. TIsa are starting to point back up, with buy signals so things start to look good for the gold bugs.




USO/UCO: things don’t look good for the oil diggers. The daily USO chart still sports the abc count, but things start to look very dicey for this count. support is around $8.50 on USO: red trendline.


The weekly UCO chart sport a 5 wave impulse down, with wave IV now complete and wave V underway (see also black a/4, b/5 on daily USO chart). It means oil could now be in the last waves down with $WTIC targeting around $25 and USO/UCO targeting around $6 and $8 respectively.