I am watching for two potential patterns. The first (and the one I am not leaning in favor of) is a . If that is the case then we should break out next week. However, I am more inclined to believe that we are starting a drop into a minor C wave down to complete the by mid December. Then one last strong push up to complete the larger B wave that Ill show below on the weekly chart. Not to mention that we are very over bought and I believe that the indicators need to settle down a bit before such a strong push higher.
GL on your trading decisions. I hope this helps.
Here is where I think we are at this point using the 30 minute chart.
I believe that we have already started the final move up and that we have completed a wave 1 and are now in wave 2 today and tomorrow. I will probably jump in UGAZ tomorrow.
Well I got fooled. It appears that my original assumption is correct. This is not a wedge. I was fooled by the sideways first part of the C wave. I highlighted it with a box. They knew what type of price action makes this structure look like a E wave. I bit. I saw the impulsive move up and thought that we were in the clear. Oh well. I updated this chart with the wave count as I see it at this point. I think we are going to bottom on Monday. Maybe even Sunday night. UGAZ $200+ should come very soon.
Looking for a zig zag higher. Before a final drop to retest the wedge that was broken last month. Then a very strong winter run to higher highs
Here is the daily...sorry for the clutter but I am not cleaning it up due to my own trading for tomorrow. This is a medium term look at how I think we are playing out.
one last C wave up and then down to fill the gap and maybe retest the wedge break. Then its Ugaz time
Well the price action and especially the reversal at the end of the day makes me think the we are finished going up for now and have already started the final move down. I intend to get into DGAZ during the small 2 wave back up...I expect that wave 1 down is finished. HOWEVER, This could also be a really complicated C wave and it is possible that we do in fact move up to where I was thinking in the previous post. I kind of hope that's the case as it will be much more clear. But they don't like to make it too easy.
How Big?? well its just a guess but there is a big gap on the Dgaz chart and then there is the .236 and .382% retracements. Ill show you what I am talking about below. Jus t something to keep and hopefully help all of us make a better trading decision.
I think tomorrow might be the day we finally bottom for NG. I also see us making an ending diagnol on this 30 minute chart. Not sure if it will break the blue uptrend line or not. We filled the DGAZ gap today at $127. Now I wonder if DGAZ does a full .236 retracement to the $168 range or not. We shall see what the morning brings. Either way. I am expecting this price to follow the arrows over night. GL
I had a really good week trading UGAZ and DGAZ. So from my perspective there are only three options for patterns right now, and two of them are essentially the same so I only labeled two on this chart. The first one is that we have finished the sideways a,b,c pattern today and are about to move down for the final push for the 5th wave. (that count is with the purple letters). The second possibility is that we still have a little more to go for one last b,c moves to be completed early next week before we move down. (that count is with the red letters). Either way, there is nothing bullish short term for this chart and I think we should finally bottom either late next week or the following week. I am hoping for a little more up a down action for a couple more days as I have been playing it nearly perfectly. GL with your trades.
Not expecting this to push up past the black downtrend line...There is also the .382% retracement just above. I think we move down on Monday. That's my take.
Ignore the clutter...I posted this chart to show the cycles since 2012 and how we are very close to a intermediate cycle bottom date. That date is never perfect but it shows January 29th...However, I am shooting for the bottom to occur next Thursday or Friday. Also this chart shows the black downtrend line I was referring to in the previous post. Lastly, intermediate bottoms are typically supposed to take out the intermediate trend line...We have been grinding on it for the last week and a half or so. So I expect that to break and that should bring us to the Dgaz .236% retracement. I am targeting $166.50 to $167 before jumping into UGAZ. Ill post the dgaz chart next.