USO could be in the early stages of wave 3. It’s broken above these two red corrective lines of wave 2 (blue arrows showing the breaks above).
There will be some volatile/sizable pullbacks along the way, most likely, but if I’m right about the wave count, then there should be some huge surges higher in oil over the coming weeks to months.
If so, that will be great for USO and our oil stock/ETF, etc. And with more institutions rotating out of growth and into value stocks, (with oil and oil stocks being value stocks) that’s good for our positions. More good times ahead for them!