Shorting USO (crude oil) here in anticipation of an imminent breakdown & correction below this 60-minute bearish rising wedge pattern while a more conventional (i.e.- less aggressive) entry or objective add-on would come on a solid break and/or 60-minute close below the wedge. Being this is very much an aggressive, counter-trend trade, my preference is to take a starter position here, adding if & when crude makes a solid breakdown below the wedge pattern.
USO 60m Sept 13th
/CL (crude futures or /QM, /MCL, etc…) also offers an objective, albeit aggressive (counter-trend) short entry here in anticipation of an imminent breakdown & correction with ‘rough’ targets for /CL (Oct contract, which stops trading Sept 20) shown on this 60-minute chart.
CL 60m Sept 13th