The
ETF United States Oil Fund tracks the WTI crude futures index. I have
been following the chart of USO since December of last year. Chart 1
below is the weekly chart analyzed on 15th Dec 2014. I have not updated
the chart as there is no material change on weekly time frame at this
stage.
20141215160005.bmp)
chart 1
The daily chart (chart 2 below), shows the progress of wave C down in more detail.
3feb2015.bmp)
chart 2
Conclusion
If the above analysis works out as
above, then it implies that we are very close to a bottom in USO. If we
are indeed in wave 4 then the prices are likely to consolidate between
16.3 to around 20-21 (23.6% retracement of wave 3 comes at 20.8) before
the next downward leg towards 14-16 (161.8% of wave B comes to around
14.2).
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