USO turned down at 10.80, hitting the 38.2% retrace to the penny in presumed wave (y) of iv (shown in green). Negative divergence does not necessarily prefer the bearish (green) interpretation over the bullish (white) one as such divergence would be expected into either 3-wave high.
Price recently broken through initial support and may be forming an impulse to new all-time lows (as reflected in the red count). Hitting the target box, bouncing correctively in wave ii, then falling below the wave i low would increase confidence in this count.
Disclaimer: I'm short from last week.
Price recently broken through initial support and may be forming an impulse to new all-time lows (as reflected in the red count). Hitting the target box, bouncing correctively in wave ii, then falling below the wave i low would increase confidence in this count.
Disclaimer: I'm short from last week.
