USO has turned down from the 38.2 retrace, a common 4th wave target. Awaiting confirmation with an impulsive structure forming off the high. This bearish posture is suggested by my green / orange count. The complex expanded flat (where (x) made a lower low than wave iii) is one of several interpretations. IF this count plays out, then USO should be headed to new lows below 7.00.
A corrective decline holding support could be suggestive of the white bullish count.
A corrective decline holding support could be suggestive of the white bullish count.