USOIL Retracement to 49 to 50 by Mid July

USOIL Has been Retracing the 0.786 FIB for past two bearish 6 week cycles Predicting 49 to 50 by Mid July. This will persist as long as Shale indicators remain bearish (rig counts show consistent growth.

If rig counts falter, then we will probably see the $60 oil that SA is targeting for their IPO next year. If rig counts continue to grow then qw are likely to see $38 to 40 USOIL by September.