USO trended within a 12 dollar channel from 2009 to 2014. It could be finding a bottom at the crux of the triangle down, break out and begin trending in a new channel. Perhaps using resistance of the 62% fib line.
following the big downward move weeks ago, it looks to recover to a 50% Fib level which is in line with resistance caused from the lows of the longer downtrend. There's also a triangle up pattern framed by this wave's lows and last august's lows.