USOIL Weekend Update 📅

The surge in oil price was so strong that it makes me to reconsider the immediate bearish count. Shorter-term chart turned very bullish. I suspect a strong impulse wave in the making. If lucky there will be a significant (though not necessarily) pullback in miniscule wave 2, which may allow close long positions. It might me that this pullback will look like reversal and many bears will be tempted to stay put. I might attempt to close my shorts and open longs on this pullback.