USO has bounced between the 23.6 and 38.2 retrace measured between waves circle ii-iii. This is a typical target for wave iv, although the complex expanded flat w-x-y was a beast to trade. Fourth waves are notorious for trading difficulty. I'm anticipating one more low to complete this long-term correction. Overlapping action off the lows is not suggestive of a major bottom in my opinion. Price may prove me wrong however. The target box for circle iv indicated on the 38.2% of this chart is reachable, but its not necessary for price to hit this target before turning lower.