For the purists this chart is NOT a commodity (since there was a question earlier about TLT). Also UNG is NOT a commodity either. (So please avoid this post if anyone is offended by not being offered a commodity chart).
This pattern is called the Three Peaks and a Domed House and it appears in all time frames. It can be used on a weekly chart or a 5 minute chart since it is a fractal pattern that repeats endlessly.
Initially the market 'rolls over' in a rounding way completing numbers 1 thru 10. Also called the Three Peaks (numbers 3, 5 and 7) Before the market turns higher there is a significant whipsaw or shake out in 11 thru 14. This area is very important because prices will return to this zone when the pattern completes at the top. After forming a classic head and shoulders top (the Dome) the price waterfalls down to the price target at 11-14. It always returns to the initial launching zone. This is the target for buying puts.
Recognizing the Three Peaks is also the preferred way to trade this pattern. The upward thrusting 15 leg rapidly shoots above the Three Peaks and is the most powerful. and can yleld great returns.
Intelligent discourse is welcomed!