NYMEX:HH1! Natural Gas LDay (F)
Well I agree in your observation on volume. Looking at RSI it's dropping as well. MACD is still holding not making a bear cross so hope is not out yet. Maybe what we are seeing is a phase of consolidation before it's takes the step up. in fact looking at the pattern at the right shoulder there is another smaller shs building (see chart below). But then again ... a shs is not active until neckline is significantly broken.... we haven't seen that yet.
got a source here calling the highest point on this chart on the left the right shoulder of a bigger head and shoulders. elliot wave viewpoint says down generally... I would not have expected this drop off on the monthly scale. also, bigger picture, in winter I'd expect a general rise and commercials are long on it so looking for a bottom here but I guess not yet. where? down to 2.88 fibonaci support?