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USO 15m analysis - Long slow march back to OTE long sweet spot

BATS:USO   UNITED STATES OIL FUND
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While it looked for a brief window of time like the bulls were trying to control, with the break of the significant low of 38.20 it would appear as though the bear seem to still be in the driver's seat. The standing targets for the current pull back have been first a test of the 38.2% fib level (38.65) and then an ultimate move back towards the OTE             Long Sweet Spot (37.74). As outlined in today's chart, the break of 38.20 sets up a short term ab=cd pattern that also paints a target in and around that OTE             level. I for one shall be keeping an eye out for that target to be hit through the next session or two.
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