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.
  Matched
x
  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!