/CL crude futures (or USO, crude ETN) was posted just before it peaked here on April 3rd (previous/May contract) as a short setup on a break below this 60-minute rising wedge (first chart below) for both a direct play short as well as an indirect hedge to an NQ/QQQ short.
CL 60m April 3rd
As with the /ZB or TLT (30-yr Treasury bond futures & ETF) indirect hedge or pure-play long that was entered with perfect timing (literally at the exact low before trend change & rally), the crude short went on to hit the initial price targets that were highlighted, even though the QQQ short was still gaining at the time (so both making $$) and then crude continued to fall after the QQQ reversal (close short & go long) off T2 (and even continued to fall after I closed out that QQQ long & started scaling back into a short position. Two great examples of how indirect hedges (with completely different but related/correlated asset classes) can be far superior to the more conventional/common direct hedges.
CL 120m May 8th
With crude falling about 10% since that breakdown, it appears to have come full circle having falling to that key uptrend line support with positive divergences (I highlighted the negative divergences at that previous high) & still offers an objective long entry with the next buy signal to come on a break above the bullish falling wedge pattern on the 120-minute chart above. LMK in the comments section if anyone wants comparable targets & updates on USO (crude ETN).