USO has a high probability of rising to $116 as the inverted head and shoulders pattern remains active.

Next, we have American oil. As I mentioned, both the 10-year bond interest rate and US oil fell today, but we are seeing US oil rise again, returning to a phase of consolidation.

Now we have 29 minutes left until closing. If we close during this period , the candles, we are still in the accumulation phase, guys. We saw a significant drop for two days, but it quickly returned to an upward accumulation phase, very similar to what happened here.

Note that during the upward movement, we encountered resistance at these pivot points. We also ended up at the 50% area of ​​this parallel channel. Okay, on the next rise, where did we head?

We went straight into these pivotal points, and since then we have stopped.

But at this location, this shutdown lasted for only 3 days . You can see that this movement has extended because we stop and step back a little.

Now, if we continue to fall on the US oil chart , where will we stop? Well, this upward parallel line helps to clarify the key support levels. When we move down to the 50% area of ​​the parallel line, what do we encounter?

Look to the left, this is the high pivot point that appeared here on the chart on June 3.

Now, if we continue down to this major Fibonacci retracement level at 9319, where will it go ? He will head straight to these pivotal points that have just occurred.

As you can see, this will be a gradual move downwards , so will we continue to fall on the US oil chart ?

As for the upward trend, the parallel rising peak around 106.40 must be broken. The next station is at 108.26. The inverted head and shoulders pattern is still active, with the measured upward target move completed here at $116.50.

Therefore, this pattern still exists . It is clear that the price movement has not yet fallen below the neckline drawn diagonally downwards.

This is what the price needs to do to cancel the chance of US oil reaching 116. So, what I see on the chart, regardless of this slight pullback, is that US oil still has a high probability of rising to $116 on the chart.