USO bounced right to the .382 retrace of minute waves ii-iii at 10.80...to the penny. The (presumed) expanded complex w-x-y structure made this a difficult region to trade. Confirmation of new lows will come on break down of the support region indicated on the chart.
Over 10.80, oil could form an impulse off the low. As no market is linear, I don't expect a rally over 16.20 immediately. But should an impulsive rally form, with retraces holding support along the way, then I'd start looking long with better confirmation of a significant bottom over 16.20.
1hr and 15m charts to follow.
Over 10.80, oil could form an impulse off the low. As no market is linear, I don't expect a rally over 16.20 immediately. But should an impulsive rally form, with retraces holding support along the way, then I'd start looking long with better confirmation of a significant bottom over 16.20.
1hr and 15m charts to follow.
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