OIL: Making Sense of the Drop

Don't know what happened to my last post but here is the re-post.

Revised the count. USOIL is still following the path as outlined in my previous posts so no big change is needed.

USOIL won't stop the slide until seeing at least $48.28. On the other hand, I double this correction will be too deep (below $44) though.

Comment:

This chart works like a clock so far.

Long should hold their positions. It's extremely unlikely USOIL will make any significant correction before seeing $53.

Major price point to watch: $53 and $60