I noted the following thoughts on crude oil Thursday morning:
Since then, Oil has popped above nearest-term resistance at $47.00, and increasingly looks like the Aug 19-Aug 24 correction is complete-- and that a new upleg is in its infancy.
My near-term work is starting to look and act as if the correction off of the Aug. 19 high at $48.75 into Thursday morning's low at $46.42 is at or very near completion, which if accurate, also means that oil is close to pivoting to the upside into another upleg that projects to $51-$52 next.
I am looking to enter a new United States Oil (NYSE:USO) long position soon, in the vicinity of $46.40 and $45.60 -- if, that is, oil gets there.