Replies to post #17049 on VelocityShares Credit Suisse 3X Long Crude ETN (UWTIF)

[Timothy Smith]

$GS - storm chaser.... Crude oil is -2.2% at $44.92 despite the IEA predicting the "largest cut in non-OPEC supply in more than two decades" due to low oil prices and as Goldman warns that crude could collapse to $20 a barrel.

"The oil market is even more oversupplied than we had expected and we now forecast this surplus to persist in 2016,” Goldman explained, although it also said that $20 isn't its base case scenario.

Still, it's a nice figure that generate lots of tweets, as are the forecasts by Goldman and others in the not so distant past that oil would hit $150-$200 a barrel.

Oil slumps as Goldman says price could drop to $20
http://www.seekingalpha.com/news/2772946

[Peasodos]

Looks like the other shoulder is in the process of forming right now. Bounced of $44.20ish area, just like the first shoulder.