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Looking for Deeper Corrective Low in Oil


My near-term work in the US Oil Trust (AMEX: USO), and the look of the enclosed daily chart, indicate to me that the March 1 peak at 51.68 ended the entire upleg off of the January 18 low at 42.56. All the action since then represents a minor correction ahead of the next upleg -- that projects to 55-56. The key question is whether or not the next upleg started today, or if after a bit more strength the USO will press into a deeper corrective low prior to pivoting into a new upleg. Right now, I am staying on the sidelines, looking for a deeper corrective low -- - in the 47.80/00 area -- - prior to establishing new long positions.
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