Oil Has More Downside Before Recovery Rally

Crude oil prices have plunged from around $64.40/50 to $62 to retest -- and likely break -- last Friday's low on the way to the $61 area prior to my expectation of a potent recovery rally period. The USO, now at $56.69, should be on the way to the $55.50 area prior to establishing a significant corrective low.

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