This chart speaks for itself in that the rally that we have seen in oil for the entire month of August may be quickly coming to an end if this move off of the August lows is part of a larger head and shoulders.

The only way to dispell this theory is by break the June highs that were established, and that is no easy order. 

But check out the chart below, the head and shoulders pattern is obvious, and you should be very concerned by if it you are long the oil space. 

Here's the USO chart:

(Click on image to enlarge)