SSO: Opening Gap To Crap

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The SSO had an opening "Gap To Crap" into yesterday afternoon's resistance area. Thereafter, the SSO quickly formed a H&S Top and sold off.

50% and 61.8% gap fills of an opening gap is very commonly, especially when the gap is into resistance, like this gap was. In this particular case, the SSO filled the 24.73 gap entirely, within one penny, retracing all the way back to 24.72.

From there, the SSO put in a Bullish Inverse H&S bottom and broke out, then put in a Bullish Falling Wedge (pattern in red), and also broke out above that. So, the SSO has two bullish breakouts and a Double Bottom (24.73-24.72) in the VERY short-term, but that must be viewed in terms of the larger context, which is bearish, so use stops accordingly.

The low of the Right Shoulder of the Bullish Inverse H&S pattern is 25.15. That "shouldn't" get taken out. The low of the Bullish Falling Wedge is 25.35.