$USO / $CL Big Upside Move Coming Imminently
Updated
USO / 
CL / Oil have completed a (i)-(ii) off the bottom, with wave (ii) entering into an area of demand that supported price this week, and it is about to begin the very strongest part of the 5-wave fractal in wave (iii), from there it will have a corrective wave (iv) down, then another push even higher in wave (v).I've highlighted with red boxes the sell zones for each wave and with green boxes the demand zone.
I expect a significant rally starting Monday (or Tuesday at the latest) of next week in oil. I initiated a long position after market hours today.
On a side note, it always amazes me how fractals "predict" news timing events – since the news that OPEC would cut 10 million barrels/day production hit the wire right after wave (ii) completed and just before wave (iii) started (cnbc.com/2020/04/09/oil-jumps-ahead-of-make-or-break-opec-meeting.html).
Trade active
This is a good area to start a position, as long as CL_1 stays above the prior low, this trade idea is still valid.Trade closed: stop reached
CL has broken support, signaling that wave (iv) is complete on the bounce earlier, and wave (i) of v is in progress – there may still be a relief bounce here in (ii) of v targeting the $23 level, but any rallies will be more muted and should be used as an opportunity to trim longs.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.