USO Update

It could still take longer for a counter trend trade to develop, but I've been consistent in my opinion on USO, a drop that is accumulated and then a real breakout above resistance. I think the charts as of now support this idea.

 There is a slight 5 min positive divergence, however it's not enough for me at this point for a long trade.

 The 1 min chart is simply in line and not showing a positive divergence, this is why "it's not enough" for me at this point.

 As to my intermediate term outlook I mentioned, The 10 min chart (for new members, the longer the timeframe, the more important the move it predicts) is in a leading negative divergence-the worst kind.

 The 15 min on a relative basis (vs price) is hitting new lows.

 The 30 min chart s at new lows in a leading negative divergence.

This daily chart is why my intermediate view remains ultimately bullish, this is a positive looking daily chart. As you know, my thought has been USO pulls back to lower levels, is accumulated there, and then makes an attempt at the flag resistance and this time breaks through.

I'll keep you updated on any changes.