We tagged the 200 and turned up from there. We had the 50% pullback of the previous ICL (FIBO 50). And we broke out from the .
crossed over and heading to the upside. is entering into overbought territory but it can print an overbought for days (highlighted by green). TSI the same.
We stopped a few days at the 20 and the middle line. The next level is at 2.93 BB upper line.
The only thing I don't like that Natty is famous of its scary panic sellings at the end of the intermediate cycle (Highlighted by red) This time the decline was not so steep. Though we reached my original targets ( FIBO 50 and 200 ) I would have liked to see 2 more down days with a real panic as price breaks below the 200 . So I hope it's not a trap and we don't get one more short daily cycle with a panic selling and with a break down below the 200 .
That's the reason I was not adding at the follow through day.
If everything is right we are in the first daily cycle and price will not break below the 200 . Usually the first daily cycle is not so strong. So don't be frustrated if UGAZ is not printing a 100% rally in December. The big UGAZ rally will come in the 2nd daily cycle (blue ) . That is the point where I plan to enter heavily in this market.
The following weeks we are going to test the previous highs at 3.33 - maybe marginally break above it .
LONG UPDATE (this is just an update on a previous idea : we are long already. I don't suggest to enter or add to the position here)
1. No shorts from here
2.No new long entry.
I think we will run to new highs in this daily cycle in the next 10 days, but there is no guarantee for that.
I suggest to hold longs all who missed the rally wait for the first daily cycle low.
I underestimated the first daily cycle rally : it's very powerful. Hopefully the second daily cycle will be strong as well...
Will it be good it me to enter for those who stayed outside ?
Thank you for sharing your wise ideas.. really appreciate it.
I think that we may have a red candle today ..touching or close to 10EMA, then up today or tomorrow beccause one day chart is still bullish.
if the downtrend persist who knows where we would stop..
we can have a red candle tomorrow while UGAZ wont be traded as NY is closed tomorrow so we may open with a gap friday ..
any idea please.
Is it heading back down, profit taking before tomorrow's numbers and the US holiday?
The 4H chart is turning down (red); the 1D chart still looks good and climbing.
Really appreciate your insight and time.
It seems we try to stick back to the 10EMA on the daily chart before resuming the upside, on the contrary it could be the beginning of panic selling ,dont know yet, any thoughts ?
My belief, an opinion not anything more, is that the trend remains up (based on 1D chart). The 3H and 4H charts look like minor drops.
The selling / buying yesterday was almost even volume during the drop / rise -- perhaps saying that folks were buying the dip.
So, we wait for the report.