VelocityShares 3x Inverse Crude Oil ETN (DWT)

[SwingKing]

I've been calling for a low from the USD somewhere between $94 and $92 for the longest but honestly I didn't see $92 as highly probable. I'd also need to mention that I've now extended the low all the way down to $91 even though I don't expect it to go that low it is a possibility based on the current wave structure.

At the moment I'm thinking that the latest bounce is 4 of 3 with wave 5 of 3(grey boxes) and waves 4(green box) and 5(red box) still to come. Where it tops here in this 4 of 3 will be important but as long as $97.17 holds lower levels will remain my primary expectation with anything over $96.10 as a clear short signal.

Now with that being said this entire move off the highs just above $100 have all been a larger degree 4th wave with one more high in wave 5 over $100 to come. This clearly coincides with my expectations for lower lows from CL however I try not to depend too much on correlations as they came be misleading when they are not working as expected.