Pullback Scenarios For Oil

Crude is ready to drop - another 5-6% this week, and in the process, allow for those who took the short set up at recent highs, a great return for the risk.

Alright folks - I have been following USO and the price of crude very closely of late. 

I'm of the belief that crude is ready to drop - another 5-6% this week, and in the process, allow for those who took the short set up at recent highs, a great return for the risk. 

I'm still short on oil via USO and plan on holding it through tomorrow at least. 

Below I've marked up a chart showing the various pullback scenarios that USO faces and what could come about in therms of a downside price target. 

Here's the USO pulbacks scenarios:

(Click on image to enlarge)

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