AMEX:USO   UNITED STATES OIL FUND
43 0 0
USO bounced right to the .382 retrace of minute waves ii-iii at 10.80...to the penny. The (presumed) expanded complex w-x-y structure made this a difficult region to trade. Confirmation of new lows will come on break down of the support region indicated on the chart.
Over 10.80, oil             could form an impulse off the low. As no market is linear, I don't expect a rally over 16.20 immediately. But should an impulsive rally form, with retraces holding support along the way, then I'd start looking long with better confirmation of a significant bottom over 16.20.
1hr and 15m charts to follow.

Related Ideas

Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out