This American oil fund ( a limited partnership to be more precise), has tracked oil quite nicely as well. The wedge is quite clear here as well even though the count is anything but convincing.  Furthermore the triangle wave B, in the A-B-C correction may not be a triangle at all. Glossing over those niceties the overall take from this chart is that oil could drop further to where this fund will trade at around $32, by that time the loss will also be just shy of 30%.