DWTI/USO This is what I posted yesterday morning. This is important as I believe we missed my bottom area where I expected the low to be put in by like .20 on each chart. Technically we just missed but damn we were close. We're in the bounce part of the play and the entry numbers are still good if I can bring myself to accept the miss on the downside by like .18-.19.
This is what I'm watching right now for a reentry into DWTI.
Looking for CL to bounce from the $37-$37.72 area back to the 39.80-$40.24 zone. If we get that movement there it'll be a great signal. I still expect one more final shake here from oil before I'll consider the long side.
If you're into watching USO a bounce from $9.30 to $10.30 would do about the same thing for me.
Either way I'm looking for an entry in DWTI on the next bounce we see from the black stuff. So basically we should find a bottom here before too long and the top of the next bounce is our entry IMO. If we get that $9.30-$10.30 move I'll be looking for about a 40% decline from USO of somewhere right around $6.
That'll be a great payday for DWTI and one I think the EST team should be playing.
More to follow of course but wanted to give you guys my setup and what I'm watching.
So basically what I'm saying is I'm going to relook the charts and see if that small miss was acceptable and if so I will be making an entry in the morning.
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