MarketIntel

USO: Island Hopping 🏝

Short
AMEX:USO   United States Oil Fund
Summer is approaching slowly but surely, and some might start to arrange their next holiday. Meanwhile, USO is already heading south and has a bit of island hopping planned. The first stop should be in the green zone between $68.62 and $66.43, where USO should finish wave 3 in green – and maybe drink a cocktail or two. Then, it should draw some breath in a short countermovement to complete wave 4 in green. Afterwards, the next green island between $62.86 and $60.67 is waiting, where USO should conclude wave 5 in green, wave c in orange and wave in magenta. Following another countermovement in wave in magenta, USO should finally reach the warm beach strip between $60.18 and $43.48 to finish wave in magenta and wave (2) in yellow and to catch some rays.
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