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The Power of the Pattern shared this pattern a few weeks ago with Premium Members, reflecting that USO (Crude Oil ETF) was at the top of channel resistance, created a bearish rising wedge and momentum was reaching very high levels.
This pattern suggests Crude oil should fall and Premium members established short positions at (1) above.
So Goes Crude Oil so goes S&P 500? Crude oil and the S&P 500 have been very correlated over the past few years, watch Crude oil closely going forward!