WallStScalper
Long

"Caught up" in MA's rhythm .. Dancing shoes off the shelves!!!

AMEX:UWTI   VELOCITYSHARES 3X LONG CRUDE ETN LINKED TO THE S&P GSCI CRUDE OIL INDEX EXCESS R
204 6 3
For me...a lesson was learned today ... Have to do the TA on the security instead of the derivative. Oil             looks ok see USOIL             chart below:

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Futures are decisively lower after close of market than the lower trendline drawn in.

So last chance for the E wave count would be to attach the lower trend line to the B-leg wick that gives a tolerance for a drop to the 3.20. See chart below

It would take a "good" API report to bring it up closing the gap..... and go further!!!

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Written yesterday before close
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Seems like E is done today and wave C up can begin.

Due to the negative sentiment....
we could see a gap up tomorrow.
That would spark the short squeeze needed to get oil             up to target.... wave 4 of lower degree.

Low risk entry with a stop at 3.32

Safe trading ladies and gents            

@BLawrenceM

Music at work:
https://www.youtube.com/watch?v=mSpgwN5msvE
http://open.spotify.com/track/2fbnWimjwW08r6RIsANmIq

NB The white B is missing at the top of 4.13 (see chart underneath)
Bowtie about to happen ... a little push up and ... :)
Reply
Furtures decicivly lower Updated chart
Reply
A pure EW chart setup
Reply
very nice. tx
+1 Reply
You are welcome :)
Reply
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