Today's data says be careful of [USO].

Check the model in the backlink.   This model expected another move up before any retracement.  We did get a smallish fish hook that the market could view as a 5th of 1 but I am getting suspicious that it could also be WC and that means it would be a 2nd wave.  Any time something does a 3 wave move to the level of the prior 4th it should serve as a warning to the wise.

If the recent rally was only a retracement then it could quickly fall to a lower low and that lower low could be significantly lower because  it would mean that the 5 waves down that we just got from that HT last month was only 1 of 5.  Thus the rally would be 2 of 5 and the next move down would be a 3rd wave.  So it could go to as low as $13 during the 3rd and perhaps $10 during the 5th.  The confirmed sell signal for USO and the rest of the oil patch is clear: a lower low than $17.10 means the odds mandate a cut and run strategy hoping for much lower lows within 3-4 weeks.