sp'weekly8
USO, daily
Summary
The upper bol' on the weekly cycle is now in the low 2030s. Certainly, that looks a valid target..whether later this week or next.... makes no difference.
It is also notable, we now have a fourth consecutive green candle on the weekly 'rainbow' chart, and unquestionably..this remains a powerfully strong market.
First key support.. weekly 10MA in the 1970s... but that looks unlikely to be hit until October... and from higher levels.
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Metals are turning lower... Gold -$7,.. and that is really hurting the miners, GDX -2.4%. In fact, GDX is about to break the 200 day MA today... $24.30s. Ugly weekly/monthly outlook.