Below is what we discussed before the open...
Since then, Oil has popped above nearest-term resistance at $47.00, and increasingly looks like the Aug 19-Aug 24 correction is complete-- and that a new upleg is in its infancy. MJP 8/25/16 10 AM ET
My near-term work is starting to look and act like the correction off of the Aug 19 high at $48.75 into this morning's low at $46.42 is at, or very near completion, which, if accurate, also means that Oil is close to pivoting to the upside into another upleg that projects to $51-$52 next.
I am looking to enter a new United States Oil (USO) long position in the upcoming hours somewhere in the vicinity of $46.40 and $45.60-- if Oil gets there. MJP 8/25/16