UCO update October 6

UCO: Oil is rallying in the face and disbelieve of everybody who’s calling for it to crash. That’s how markets typically work. Looking at UCO (2x oil ETF) we adjusted the count to one-degree lower with minor-c of intermediate-a now ongoing. The minor a=c relationship targets $12; the internal waves of minor c also target around $12 (not shown). Price is -per the RSI5- getting rather overbought and looking at the prior RSI5 set ups since the February low we should expect a pullback soon from these levels. That should then  be (Red) intermediate b, possible minute-iv if minor-c will turn into 5-waves uptrend.