Gasoline ETF is in a clear bear market

Check out the chart of the UGA ETF.  The 2014 peak for this was in early June and it's been plummeting ever since.  I count that it just finished a 3rd wave down.  We'll know more based on how high the current bounce goes.  By the way, what happened to all the excuses as to why gas prices could never go down (i.e. tight refinery capacity, etc.).  When fundamentals no longer matter you have to wonder if those fundamentals were ever really fundamentals at all or whether they were just sales literature.  Price discovery is impossible with the Federal Reserve always meddling with the economy.

This thing is falling incredibly quickly.  It should not be much longer before the rest of the flock does an about face and starts playing catch - down.