USO Impending Crash Update

The majority think that gold is still going above $1400 but what happens after that. If a market has just been a bear market rally the gold can crash from $1400 to $800 with little effort. USO and Crude oil will not take this lying down as they will also crash. A bear market rally “must” send USO back down below 2016 lows so that is a very strong bearish indicator to get out of any USO bullish positions.

The only thing USO is good for is for shorting as I will not go long on this ETF for any reason.  My wave counts are working wave positions, and they are not published for entertainment purposes like all other wave counts are!

In general if all bullish retoric all starts to sound alike, then chances are extremely high, that they are wrong, and therfore a short position is the only logical position to have.

 

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