USO Second Update

This is today's earlier USO update..

I still like USO, I may even enter it today, but for the moment the intraday charts look like it has some backing and filling to do. I already expressed some question (not really concern) whether the reversal process was large enough. There's  also the Head-Fake concept which applies in about 80% of all reversals in every timeframe.

 1 min intraday Leading negative

2 min intraday relative negative

 3 min relative negative, the migration process of the intraday divergence makes perfect sense from a weaker 1 min chart's stronger leading to a stronger 2 and 3 min chart's relative (weaker divergence) and the migration itself.

The 30 min chart makes me think the base or reversal process is the smaller of the two envisioned in the first post linked above because you can see the first divergence is at the first pivot in the "W". We have some space that can be filled and of course the possible/probable head fake move (yellow arrow). 

I'd definitely set some alerts if you haven't already.