USO, daily'2, rainbow
USO, weekly2, rainbow
Summary
*note the capitulation volume on the weekly chart... highly indicative of a turn/floor.
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The decline in oil was a major excuse for the down wave of sp'2079/1972... and with Oil having now formed a micro double floor... a very sig' bounce to the low $70s will be a massive boost to both US and world markets.
I sure don't think many have remotely considered that yet.
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Regardless of the weekly close in oil and equities, it has been a massive week for the bulls. Even the Russia market appears to have floored.. with a rather obvious spike-floor.
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back at 3pm