AMEX:USO   UNITED STATES OIL FUND
8 2 0
A 5-wave             move below support is key, and I'd like to see 9.48 give way. Should this happen, then Support turns into Resistance. IF price moves over 10.80, then high 11s are possible for minute wave v (shown in white) for a presumed Leading Diagonal .
I would note that the embedded technicals (I'm showing MACD and Stoch RSI, but others should be similar) on this 15m timeframe are traditional signatures of a 3rd wave; however, price needs to drop soon or momentum indicators will start curling back up...
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This isn't looking like the weakness I'd expect in a 3rd wave down. IF USO can't break below 10.12 region stat, THEN the possibility if a bounce into the higher target box around 11.11 could cause me to rethink the larger picture. Stops on shorts are recommended, especially if you got too aggressive.
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