USO trade ideas
Pitchfork breakdownI don't use pitchforks normally, but I saw one could be set up pretty easy on this chart and it's having a nice break down and out of the indicator.
the 12.50 pivot was a also a previous support pivot last August.
I could see the next major support being provided around the 100DMA
USO - Pull back!USO is pulling back. We are heading into a major support and we can play the bounce!
Bullish on $USOA series of bullish divergence suggests that the bottom is in for $USO. Time to go long.
USO - 2hGiven negative divergence on technical indicators, I took a short positions on USO and /CL earlier this week near the high. USO *may* have stopped below the 1.00 extension (12.64) of green minor waves i-ii. This would support the green iv-v of 5 of (C) <7.02. A corrective decline, however, would suggest the white bullish count could continue. This negative divergence isn't characteristic of a 3rd wave, so I'm cautiously short.
Almost hit my 18% goal. Risk increases into resistanceEarly May we discussed that bulls were attempting to absorb supply and that prices should breakout and test the next level of resistance near $13.00. It has been a great 14% trade; however, cumulative demand is contracting. It does appears to be worth the risk of giving profits back. Anticipate we will start to see some liquidation to protect profits and reduce risk.
USO - ALGOS everywhere!Looking at yesterday price action, algos are in charge everywhere and toward up!
USO at 200DMA, observing resistanceDefinitely bearish feelings here, $DXY has found support the past week and along with the small recent USD rally we find $USO has run up against the 200DMA.
The 10DMA (drawn in blue) has provided support in the past, so waiting for a break down there would be wise IMHO, although I suspect we're about to roll out the red carpet soon.
The previous oil chart I did calling for a short bounce lasted longer than I suspected, as $DXY has been weak since the beginning of the year and has just started to find something that resembles strength.
Thanks for reading, good luck to all
USO - 4hThe green count to new lows has been my preference, but this has been a difficult trade lately. Today's rally would be wave ii of wave (i). Alternative count shown in pink interprets today's rally as wave b of (a) in a wave ii. Above the March high the more immediately bullish white count seems most probable.
Flag break out usoOil is starting to look better here looking for a break out next week to fist target zone 11.50
happy trading
Looking for entry in USOThese are my targets for possible points I'm looking for. Monday and Tuesday could be down going to remain cautious.
USO - 15mMy primary green count looks like a bust, and is completely invalid over USO 10.80. The purple alternative is my new primary expectation, although the non-overlapping Leading Diagonal (albeit rare) as shown in white is also valid.
I plan to exit remaining shorts on a purple iv retrace.
USO - 30mHere's the USO picture to accompany linked idea. Over 10.64 I'll be out of shorts, though the green (ii) doesn't technically invalidate until 10.80 breaks, it is becoming increasingly less probable as price pushes higher. The green target box at 50-61.8% retrace is a standard expectation, but not necessary for price to turn there in the Elliott Wave pattern.
