USO update

Well we had a target for USO on the downside, the idea for newer members was that we expected this, many members went short USO, BUT this was only a short term down side target, after that we expect USO to make at least a new leg higher and possibly a new recovery high. Yesterday I pointed out the accumulation starting and it was strong. This is the accumulation/ distribution cycle or vice versa in this case. We see the distribution for th downside price action and then accumulation starts on the 1, 5, 10 min charts, a reversal usually takes place by the time it hits the 15 min chart.

No matter how USO reached the target, it reached it, GOAL ACHIEVED!

And now the 5 min accumulation is getting stronger. We may have hit bottom in USO today or we are very close to it.

USO Target in white hit intraday today.

Yesterday the 1 min chart was unusually strong, today it has spread to the 5 min chart. We'll keep an eye on the 10 and 15 minute chart, but you may want to start to nibble on some shares long, but don't swing for the fences just yet.