The only thing USO has not done yet is to fill the gap and maybe run above it a bit, otherwise it is proceeding as I outlined shortly after the EIA report came out this morning.
As mentioned, the closer we move to the gap, the sooner distribution should start, the 1 min chart is already at a new leading low on the day, so I would say we've passed that hurdle.
It has bled through to the 2 min chart, also starting to lead negative.
The 5 min chart, which didn't see accumulation (there wasn't enough as it looks to be an intraday move only) has also seen the negative underlying trade bleed through and it is back to the day's lows.
The only thing I would be waiting on here is the gap fill.
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