First a look at USO back to 2009. The $31-$32 level just highlights the major pivot zone that band has represented. The angled lines are multi-pivot parallels (equi-distant from one another) based off of the price behavior throughout 2009 and projected forward.
Recently price bounced within that long-running support pivot (between $31-32) and made a run up to previous support (
support-turned-resistance?) on
waning volume.
The current wedge also happens to be a bearish wolfe wave (looking for volume to activate the "sweet spot").
Recently price bounced within that long-running support pivot (between $31-32) and made a run up to previous support (support-turned-resistance?) on waning volume.
The current wedge also happens to be a bearish wolfe wave (looking for volume to activate the "sweet spot"). 
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