USO

Since USO is effected so much by currencies, the next post will cover currencies. Also if you haven't seen it already, there's a clear change of character in oil from last Friday to the Monday open, the reason can be found right here in the NYT article that uncovers the Chinese manipulation of data and shows what's really going on in China, which is something I covered in a little more detail at the start of this post.

 USO Friday 1 min in a leading positive divergence, note the change in character after the NYT article as trade opened for the week on Monday the 25th. Currently we have a small positive divergence stretching from late yesterday

 Again the positive divergence Friday and change in character, also a positive divergence forming recently. On these timeframes a positive divergence could be a simple consolidation or a start to a reversal.

 3 min positive and change in character.

 5 min with a relative positive divergence. For this divergence to be taken more seriously, the current 3C position needs to turn up higher.

 There's the potential for a 15 min relative positive as well, similar to the 5 min chart, 3C needs to turn up here for this to be counted as a relative positive divergence which would be fairly large on an important timeframe.

 Interestingly this 60 min chart looks VERY positive. Normally I would chalk this up to an anomaly and ignore this, however...

For the first time since February, the daily chart has a positive divergence developing, that wouldn't be there without the 60 min having gone positive first. Interesting...