UCO, USO update August 23

Both counts are the same, but we wanted to show both ETFs as both are traded heavily by our members. And both counts are rather simple: looks like minor 5 of intermediate a of major c is underway. We had a perfect 1.618x extension at last Friday’s high, followed by a perfect 38.2% retrace. Both suggest a wave 3 and 4, respectively and today’s strong candle suggests a wave 5 has started. Using a 5=1 relationship targets $12ish for both ETFs for (red) wave a. Then wave b should set in before wave c takes price much higher. We’ll monitor the charts to assess their respective levels. First we need to see wave a complete.

UCO

 

USO