$USO / $USD Update

Since there is a strong correlation between $USO and $USDX I'm looking at both as well as Crude futures. Again, the parabolic move in USO today is not something I trust even whether up or down, but they can last longer than a day and there's nothing to say that the corrective move in the $USD is done either so I'm trying to keep an eye on all of those and determine what the best strategy is and the best timing.

To give you an idea of what things look like...

USO 1 min mostly in line since the bounce signal, there's a very slight intraday negative that has formed over the past 30 mins. or so.

 USO 3 min is still largely in line from this week's bounce signal (white) which was independent of the $USD pullback signals even though they have a near perfect inverse correlation. This is the degree of confirmation I look for before I call something a "High probability trade".

$USO 5 min bounce signal. I would think that a reversal/short signal would also hit at least the 5 min chart as well.

 This is the 15 min chart's leading negative signal which occurred right at the break above the base's upper trendily, it is still the highest probability near term outcome, a move lower inside the base and some serious work to be done before a decent upside breakout will hold.

As for Crude futures...

 intraday the 1 min chart is seeing stronger 3C deterioration.

 Crude futures 3 min with some deterioration to the 3C chart today, but still a larger accumulation area. The downside signal intraday doesn't seem to be proportional to the positive signals just yet which makes me think a second day of upside can't be ruled out.

 The Cl/crude futures 5 min chart isn't far from "in line" status. Again, I'd anticipate a clear negative signal here before crude was ready for an entry (short/puts).

 And Crude futures 7 min chart is in line.

 As for the $USDX, continued downside would likely send crude higher. Once the corrective move in the $USD ends, crude should be ready for an entry.

Intraday 1 min it looks like we are just seeing typical bouncing around intraday that is part of the trend, but on a chart too short to see it.

The 3 min $USDX chart shows the reversal process I have been talking about for a $USD downside corrective move that was part of the backbone of the $USO bounce and second chance entry. It doesn't look like the $USD is quite ready to make a turn back to its counter true d bounce.

 This ONE $USDX 5 min chart grabbed my attention as it has gone from the downside corrective signal to a leading positive divergence. This "could" be the sign that the $USD is near to a continuation of its counter trend bounce, I just don't want to make a call on all of these charts based on 1 chart.

And while the $USDX 7 min chart reflects both the end tail of the positive divergence for the counter trend bounce as well as the downside corrective move, it is not as ugly as it appears.

Looking at the same chart intraday there appears to be a positive divergence starting which may be leaking/migrating over from the 5 min chart.

In any case, I think USO will give us a clear and unambiguous signal when its time. I know the feeling of impatience and wanting to jump on this parabolic move, but as I said, there's typically some sort of reversal process and although the gains for today may be exhausted, a second day higher can't be ruled out yet based on these charts.