ERX / USO

As posted yesterday, I'd like to see ERX move up a bit and close the long there. USO is seeing continued positive divergences and they are migrating through the longer intraday charts so it is going as I suspected in the first USO update today.

 Here's the ERX channel and the break on the top that I don't care for, so I'd like to sell it on a bounce as explained yesterday.

 Intraday the 2 min chart is leading positive so it's improving

 As is the 3 min so there's migration of the divergence.

 Ultimately that seems to be more of a timing thing as the 10 and 15 min charts have these leading positive divergences, this is what should bounce ERX up to a profitable level.

Remember ERX is leveraged Energy which is different than USO which is only oil, not including services, etc.

 USO 1 min has improved a lot since the last update, leading positive at a new high.

 It is also migrating to the 2 min

The 3 min and now just starting the 5 min chart, I think it still needs a little more lateral price movement so I wouldn't be surprised if it chops in an intraday range a bit.