USO Update

Meanwhile... lets take  look at the charts which have been spot on to the 3C forecast thus far.

 Here's the daily chart with our two initial support zones, remember we did have a deeper pullback as well beyond these zones as a target and we may reach that deeper pullback just before a lift higher as a sort of head fake, mini short squeeze.

 The red arrow told us there was a pullback in USO coming, right now we are in a flag-ish consolidation between our two primary support targets, but they are too obvious so I think we see them broken for at least a day before this is over.

 Here on the 15 min chart you get a better feel for the flag-like action in price and the continued leading negative divergence showing this hasn't seen the kind of accumulation yet that would suggest a turn around and a new leg higher. Remember we can consolidate through price and time (laterally).

The 60 min chart, more important then the others remains in confirmation which is to say bullish for USO to show further upside gains. The consolidation hasn't shown enough distribution to move the 60 min chart which falls in line with our premise of oils's behavior.