UCO, USO: When the market is starting to do something else, after a having behaved exactly as planned for many months, it’s time to re-adjust and re-check. In the big picture chart we can see that price broke above the upper two dotted blue trend lines, which has held price in check for the past 18-20 months. Thus that’s significant, and thus the adjusting of the count is warranted. Please note that Cont’d below.
The daily UCO chart below shows my current preferred thinking on what’s transpiring. A larger (black) major c-wave for (blue) primary-IV is underway. Up coming logical first target is the 1.618x Fib-extension at $22.80ish.
Similarly for USO, it clearly broke out and should not target the $12 area. That will be stiff resistance. Let’s see how it reacts there.