VelocityShares Credit Suisse 3X Long Crude ETN (UWTIF)

[Ryantacular]

I agree the reasons for the decline are different. However, even with supply issues, the issues won't remain. Summer driving always has a huge effect, and it's not just because of vacationers, but truckers and regulation changes around that time as well.

As for the pattern, False patterns appear all the time, and they short a lot of people out. If it was always 100 % everyone would be rich.

I'm obviously long term bullish, so you can value my opinion as biased. But history does tend to repeat itself, and the supply issue has been proving since 42 that it's not an issue. If it was, we wouldn't be at 60 right now.

If you look at the daily or weekly chart, you can also see a double bottom reversal pattern. http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:double_bottom_reversal


At the same time, one could argue the charts on the daily or weekly look like a bear gartley 222 pattern. http://www.goldenwire.com/419/gartley-pattern-trading-made-easy/

This one would have to be interpreted off the uwti chart and not the WTI chart though.

Or look at the monthly, and call it a bull gartley 222 starting back with the rise from 05-08 and then the drop from 08 and then the drop now, and now we launch up past 140 even. I'm not saying any of these are true, but you can find patterns in anything really.

Interpret as you may. Just be careful. I mean. I'm on my phone right now. So can explain better later but you should be fine.