USO Update

In General, USO looks to be artificially or perhaps fundamentally propped up, it may be rumors from Israel or it may just be something artificial, but the underlying action continues to deteriorate and to use a sort of analogy, makes USO like a thin rocky ledge, the further you walk out, the thinner it gets until it breaks and just falls to the ground.

 Here's USO (green) vs the Euro (white) and in the red boxes the instances where USO has run in front of the Euro, especially on this last bear flag to the right.

 As far as USO's bear flag, it showed the same distribution yesterday as every other asset class.

 More confirmation of distribution in the bear flag on a 2 min chart

 More confirmation on a 5 min chart

 And confirmation on a 15 minute chart and this is a great example of what a bear flag actually is and what it is actually used for, it's a bearish consolidation pattern and it's generally used to enter new shorts at better prices and you can see 3C showing that happening. This is one of the best examples I've ever seen of the inner workings of a bear flag, of the hundred+ technical analysis books I have, not one has ever shown or proved what goes on at the institutional level inside of a bear flag. I did a little bit of a sloppy job drawing the trendlines, but the white box is USO hitting the support of the bottom trendline making a micro bear flag inside of the bigger bear flag.

 Here's the 15 min chart and bigger picture. USO looks like a top as far as price goes, as far as my analogy above about the rocky ledge getting thinner, just look at 3C during the top period.

The same could be said for this 60 min chart at a new leading negative low.