AMEX:UWTI   VELOCITYSHARES 3X LONG CRUDE ETN LINKED TO THE S&P GSCI CRUDE OIL INDEX EXCESS R
915 9 17
IKS


Still highly speculative but this could be the start of wave 4 up or the bottom of the last wave down

See my twitter account for the weekly Elliott wave count

https://twitter.com/WallStScalper/status/635796719335264256

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@WallStScalper

Let's see if this gap now gets filled here for UWTI
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Right on track https://twitter.com/WallStScalper/status/636935401802977281
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ksingh15 WallStScalper
Awesome! Thanks for the chart... Do you think Oil will continue up from here or follow the downward trajectory once again?
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I don't think you can count waves reliably in crude oil. As pointed by Glenn Neely, the market is driven by production, supply and demand, not by mass human speculation.
+1 Reply
Don't know about that... I would say that the 2008 price at $147 was due to speculation after CFTC allowed investments banks to "invest" in commodities.
It was the removal of the Glass–Steagall Act that changed it all.... the way I see it.
+1 Reply
IvanLabrie PRO WallStScalper
For sure, just that when non-human emotion related information hits the chart, the wave counts don't work.
+1 Reply
Yes agree EW is due to human interacting and banks setting up HFT-computers to sell and buy in that manner too
+1 Reply
IvanLabrie PRO WallStScalper
Computers are programmed by humans...they created new EW patterns but still readable.
It's a fascinating subject :D
Here's the Neely interview I was referring to:
https://www.neowave.com/audiointerviews/20141013/transcript.pdf
+1 Reply
Great thanks for the link! :)
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