Since we're at it, here's another point and figure chart. This one is the chart for USO, the oil ETF. It too just gave a buy signal topping 60. As you can see there is much room to run before we even get close to the all-time high at 74.6. I'd say 65 would make as good an initial target/resistance as any.

Some traders dislike USO because it underperforms the price of oil and is therefore a poor proxy. It very likely has a design flaw as shown by the fact that oil is indeed making new all-time highs while USO isn't. Having said that, if we forget for a moment that USO is related to the price of oil and analyze it as we would any other stock, the fact remains that it is a good long.