Over correction = Short term buying opportunity
AMEX:UWTI VELOCITYSHARES 3X LONG CRUDE ETN LINKED TO THE S&P GSCI CRUDE OIL INDEX EXCESS R
Possible over correction occurring in oil , will be looking for a stop limit entry above the current price, likely 19.70. Price may move sideways, but the buying opportunity seems to be increasing if it is going to be moving into a channel. Prior support has been broken, this can be validation that the prices are going to be moving lower, or its being oversold, currently leaning to over sold.