USO Update

Exactly as expected, although pretty extreme, but that's how longs are shaken out.

In this morning's USO Update I said,

" Intraday it looks like we may get a pullback in to a gap below, that would likely make for a nice entry once these charts start going positive again.

I'd be looking for price to pullback in to the gap (yellow area) with the 1-3 min charts starting to go positive,"

Pullback to the gap it has, if you go back to the post the 1-3 min charts as well as the futures 1 min chart were al pretty ugly.

If you are interested in USO, it's a matter of waiting for the intraday charts to go positive now that the gap is filled.

 The 3 min chart as it was negative earlier and leading on the move down.

 The next timeframe at 5 mins didn't see any serious damage.

The futures were also negative and now they are catching up with 3C, I wouldn't look for a "V" reversal, but likely some lateral trade and wait for the 1-3 min charts to go positive before jumping here.