ERX chart Request/USO Update

As mentioned yesterday, I expect in the near term uSO will pullback, however the bigger picture remains bullish.

Here's a leveraged Energy ETF, ERX (Energy Bull 3x)

 1 min 3C showing what appears to be the pullback point in ERX

 15 min 3C suggesting the pullback will be fairly substantial, part of the head fake, it must be believable to the shorts.

 However, the more important big picture on the 30 min chart is in a leading positive divergence. This is why I believe as I said yesterday, this is the head fake I was looking for last Friday, before the market moves higher.

 USO 3C 1 min looks the same as ERX.

 As does the bullish 30 min chart, which s the bigger picture.

Here's USO testing the pivot today and finding resistance there. I suspect a pullback to hit the S2-S3 level. In the mean time, short term traders may want to play the pullback using ERY long (a leveraged Energy Bear ETF). There may be a few days in that trade.