Okay, not to be disrespectful as I'm enjoying the next leg up in this little rally in oil. But where is the pizzaz?! It hasn't even moved above the resistance line I marked on my chart of USO (see below)! I did run a quick calculation just now, that there can be a c=a symmetry level at $35.70 in USO. Looks like the pattern off the lows in USO can be an ABC pattern in which we'll see a small fifth wave on "C" that could get to $35.70. Volumes are light (as in the broad indices today, noted earlier). The movement is quite sleepy, especially compared to the movements dropping into the lows. That 200-day moving average is getting closer too. There are plenty of eyes on oil getting to $64 or $65, but I'm growing more concerned about what's around the corner after this rally's done. Well, I would be more concerned, if this meandering rally weren't putting me to sleep!
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