This is a weekly update for USOIL. It's a rare occasion when I am bullish on almost everything but crypto. SPX500, gold and oil are likely to rally this week (see following posts). I do not know the fundamentals. Maybe it's the anticipated rate cut. You see that I label the channel formed in USOIL as ABCDE in wave 2. This is not what you would normally expect but because everything else also looks bullish (including oil stocks) and the rate cut is in 3 days, I think the probability of success is good.