USOIL Weekend Update 📅

Strictly following rules to interpret the recent bounce confirmed that we might be in wave b of abc flat that should post new low this week. I think wave c will not exceed the recent high considering the pressure from moving averages on higher timeframes.

Here I run against the crowd and some other Elliott wave practitioners expecting further advance as part of new longer-term trend up. I have relatively minor short positions in USOIL and consider myself unbiased here. My only bias may come from the string of previous successful calls in USOIL.