Wave 2 lasted longer in USO than I'd anticipated but now it looks like we're on to wave 3 with strengthening RSI and MACD indicators. Also, note that the masses tend tell sell out at the worst times (towards the end of wave c and towards the end of wave 2) https://s3-us-west-2.amazonaws.com/maven-user-photos/seanhyman/technical-analysis/IOSU6hIfr0e_ddd3b0bprg/GGp00i5DVUKgNeB-V_gnGg
If its truly in wave 3 as I believe it is, then it will have no problem overcoming $12 per share. And by the time its made it through wave 5, it could make it up to its $29 resistance on its weekly chart.
In your video reviewing the UWR and AP positions you said you would consider exiting USO around $12. If it breaks through the $12 resistance it would not have more significant resistance until the $22 area. Since it is early in wave 3 now, I assume you would recommend holding USO for now expecting it to climb quite a bit more than the $5 jump of wave one. Is that correct? Thanks a lot.
Each quarter, the "big boys" in the market have to report their positions because they're so large. Once those reports are made public, it shows what stocks they're adding to or reducing their exposure in and what stocks they've recently bought or completely sold out of.