Crude oil prices have plunged from around $64.40/50 to $62 to retest -- and likely break -- last Fridayââ,¬â"¢s low on the way to the $61 area prior to my expectation of a potent recovery rally period.  The USO, now at $56.69, should be on the way to the $55.50 area prior to establishing a significant corrective low.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.