UCO/USO update 11/6

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.

UCO weekly

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.

UCO daily

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.

USO daily