VelocityShares 3x Inverse Crude Oil ETN (DWT)

[Tan_Gent]

Yes I agree im thinking oil is about to drop, looking at the daily I see a head and shoulders spread over the last 7-8 days, about to be completed tomorrow or wednesday with a breakdown below wti 58.00. Also on the daily, the right shoulder looks like a falling three pattern for any who believe in those candle stick patterns lol. Momentum indicators are coming down on the daily as well as a macd bearish crossover. After a draw last week, I don't expect another this week but could be wrong. An increase in rig count friday could help it drop further. Im thinking to wti 54.00-54.50 range should be strong support. That would out Dwti around 82.00-83.00 by my math, maybe within a week or two.

Also, on the weekly chart, the candle for last week was a long legged doji sticking up out of the upper bollinger band, after 7 previous green candles. Another potential sign it's ready for a pull back

Just the way I see it, what do you see happening?