Oil's drop today looks a little off the "game plan"

I'll be just as happy if oil can continue to rally past the possible $35.70 objective in USO corresponding to about $63 or $65 in crude oil. This chart shows something we should be keeping an eye out for, in case a bearish wedge forms (or in case it loses channel support first). The reason I bring it up today is that I would have expected the breakout yesterday to propel oil on up to the objective, without a drop of the level we are seeing today. A wedge doesn't have to form, but if it's going to do that then a drop like today would be a part of it. I remain aware there are potential objectives much higher, such as up to the $90 area in crude. But if we see something bearish happen on the daily chart then we should also consider other factors like cyclic influences on the bigger picture. There are definite possibilities that crude oil goes to new lows, it's just a question of when such possibilities play out on the big picture. Something we don't want to forget when we're looking only in the short term.

Channel support can still be had along a shallower trendline that could be drawn from the lows on my USO chart (below) to the April swing low. I didn't mark it on the chart this time but you can see it could allow a definite drop if USO falls under the recent, steeper trendline I marked for this rally leg. My concern is that if USO does lose the support line I marked, I'm going to step aside because even a drop to a shallower channel line would give back much more of my current gain than I want to part with, and I don't want to gamble with whether a shallower channel would hold without observing its reaction. Each to one's own, of course - I'm just pointing out the considerations I'm seeing on the daily chart at this time. My concerns will be heightened if we do see a wedge forming from here (actually, it might induce me to examine the potential for a short position, so we'll see - a wedge would have to manifest first).