UCO, USO update 4/10

UCO: Progressing as expected. Bottomed around the lower trend line and is now gunning for the upper trend line. It remains to be seen if it holds, because if our count is correct we expect major c to be underway, which should target at least $30. but of course the advance won’t be just a straight line up.

UCO

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USO: Similarly as UCO is progressing as expected. Counts in our opinion better than UCO, and also here we expect the upper red trend line to hold for now. If major c is indeed underway, and the strength of the TIs is suggesting this then we expect at a minimum $15 to be reached (that’s where c=a). FYI the pattern we’re seeing resembles best an continuation triangle. Price got into it going up (major a -black-) thus price will also go out it in the same direction: up. the triangle also targets $15-$16.

USO