UCO/USO update November 30

UCO/USO: looks oil is trying to break out. USO retraced almost 62% of the prior uptrend; typical for a b-wave and should at a minimum target $11.20 and upwards to $12.o0 (c=a to c=1.618x a relationships). Note the very high volume days today (accumulation) and yesterday (capitulation)

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UCO has of course a similar pattern as USO and we expect it to target between $10.75 to $12.00 for intermediate a of major c. All TIs are pointing up, wanting to see higher prices.

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