The flag formation (line a and b) was not complete until prices reached the apex of the flag-but the rally was still quite dramatic.

FORBES: Profit from Flag Formations

So, at this time, we will watch to see if 5 waves will complete the a-wave, or if we are in the b-wave, with a nice opportunity set up to short USO for a c-wave down to at least 32, with the potential to drop all the way down to 29.

FORBES: Charts Show Crude Oil Correction Still Has Legs

The larger pattern we are following is a b-wave triangle, which likely has us now in the middle of the e-wave down to complete the triangle.

FORBES: Charts Show Crude Oil Correction Still Has Legs