NATURALGAS - Beginning Of The Break To Lower Lows?

A shooting star is printing a shakeout through the 200 day MA.

The trend has been drifting for some time and so it could continue to drift, but its hit the liquidity landmark and printing a reversal candle.

If the day closes here then there could be more downside and potentially the trend change.

Also notice that it is potentially printing the Head & Shoulders pattern if further breakdown continues.

The shooting star has wicked through the left shoulder resistance also tapping the liquidity in that area.

We find very often that at major reversals that there are double or even triple significant liquidity pockets tapped and so this double tap here can be a clue that a major trend change is imminent.

As I have said I think this correction has gone on too long for this to be part of an accumulation. Much more likely there will be another wave down, hence why I am taking short positions and have added to my position here.

Its not impossible that this could yet whip up because that is what this chart does but it will likely be a fast elevator ride down if when it breaks.

Not advice

Comment:

Natural Gas is still climbing but it is starting to show some drift that we looked at before.

Its a very whippy chart and there could be a small blow off phase before moving down, but these jabs up are making no real progress up the y axis.

This what we looked at before

And although there is some pop still remaining in the trend, it is drifting into an ascending wedge which will likely see a bearish outcome with with or without a mini blow off phase.

Comment:

NATURALGAS

Shakeout pattern through the wedge upper trendline followed by a slump and now it is starting to look bearish.

Remember that an ascending wedge is a bearish pattern and will likely break to the downside.

So this lower time frame wedge looks set to break down and also the higher time frame channel is ascending at a shallow incline and should be bearish.

The head & shoulders pattern is complete and a liquidity tapping symmetrical right shoulder printed.

And the right shoulder can potentially be printing a liquidity tapping shakeout through the 200 day MA.

So there's plenty going on here in terms of fractals and liquidity.

Now liquidity landmarks have been tapped and the momentum H&S pattern has completed perhaps we are reaching the moment this slides off the cliff and into the sea... 🤨

Comment:

Drifting up in the ascending wedge; doing pretty much exactly what I said back in August for the end phase of this correction.

Comment:

Here's that probable blow off top which with hindsight is not too surprising considering how whippy this chart is.

So its broken up from the lower time frame ascending wedge with a big pump.

We've seen similar in a different context with AGLD.

These moves tend to have quite a sting in the tail and this may potentially be the faking-out wave of a shakeout pattern before the big dump comes.

Remember the faking out wave can give us a clue how big the dump will be and this has been quite a big pump so far.

So if this starts tumbling then it signals that a big dump can be coming into the next wave down.

Its not impossible that this could be yet another peak in the correction but I dont think so.

Most likely I think this is now the patterns-within-patterns crescendo of an ascending wedge breakout to hit the peak of this bear flag continuation that has been printing for most of the year.

RSI overbought.

I have added one more short here as I said I would and we'll see if I'm right.

I've never seen a move quite like this but I think I've done enough homework - we'll see 🤨.

Comment:

Has quietly been slumping over the last week and looks set to get back to the retracement Golden Window 👍.