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USO 30m analysis - sharp bear flag points to violent spike lower

BATS:USO   UNITED STATES OIL FUND
103 0 0
Oil             prices looks a bit bearish in the near term. While just outside of our text book 'BoT' trade setup criteria (counter trend rally was less than required 33%) one can make the legitimate argument for a short on a move through the bottom of the recent trading range. Higher time frame analysis suggests there is more downside potential and momentum in the near term has quietly slipped through its uptrend line support. If this is indeed a new bear ab=cd pattern forming, 'BoT' model levels suggest a short at $36.89 with a stop just above $37.38 and a target of $35.42 (49 ticks risk for 147 ticks reward). Since this is a bit of risk, one might want to look at the very short term charts as we seem to have a 3m             'BoT' short setup working at the moment too (please refer to 3m             analysis for more on that). Should you be able to put on 2 cars at the 3m             'BoT' trade level, look to take profits on half the position at 3m             targets levels but shoot for the 30m targets on the remaining 'freebie'...
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