I feel that USOIL will drop to approximately 50.000; where I hope to close the trade.
My rationale for this trade is that with the impending US Election, low oil or gas (as in gasoline) prices are a significant vote winner for the Republicans and every effort will be made to keep oil prices low during the summer of 2020. Low oil , however, has a detrimental affect on US Shale Companies.
There is a correlation between falling USOIL prices and falling JNK prices; as well as XLE or the US Energy Sector, (which is a major component of the SPX ).
Low XLE values will tend to hold the SPX back. (These are all potential trades off the back of low USOIL , and can be used as indications of which way oil is heading).
Also the trendline indicates a drop from the previous two peaks (which I have marked), and using that logic, I expect USOIL to drop to about 50.000 and hold steady there.