Quick USO Update

I'm simply going to go back to exactly what I said on Tuesday in USO/Oil quick Update and the reiteration of that yesterday in USO Update and that was,

"This doesn't look like a wide enough base for a true upside trend reversal, but it may be the first rally/bounce in forming a larger "W" type base area."

The gist of the charts after a quick look supports that same view I had Tuesday today. I'll try to cover USO charts in more depth, this wouldn't be my add to area as of yet as we have a reversal process and confirmation we must make sure are in place, but that's the gist of what was expected and basically what we have today. We're even seeing volume increase today on the stop run which should be a confirmed head fake early next week.