Oil Crashes Into Major Support $USO

Oil is crashing today. It has been crashing since the beginning of October 2018. The Unites States Oil Fd LP (USO) topped out at $16.25 at the start of October but now trades below $12.00. This is an over 25% collapse in a month. Today looks to be capitulation with panic setting in. This means it is likely putting in a bottom for a bounce. The technical chart confirms this, showing major support at $11.85 and $11.70. I expect a major bounce back to $13.00 on the USO.