WallStScalper
Long

"Somebody" sees Oil/Crude//UWTI has bottomed? Bullish EW-count

AMEX:UWTI   VELOCITYSHARES 3X LONG CRUDE ETN LINKED TO THE S&P GSCI CRUDE OIL INDEX EXCESS R
On the 4 hour chart I see the following bullish signs:

Red W3 and W5 was made on a positive divergens
Orange W1 was 5 waves up
Orange W2 is a triangle that needs to make the last E-wave (That could be very brief back to the 50 fib line or less - the 61.8 that makes a 38.2 retrace (very common)
EMA 13 has crossed EMA 34

The count above is the very bullish count
We could as well just see an ABC up instead of 5 waves up - Time will tell!

Safe trading ladies and gent!

@BLawrenceM
Music at work:
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