A very quick note ...
Here is one that turned around quite fast and reinforced a market reversal confirmation. targets are as follows:
TG-1 = 4.052 - 26 MAR 2014, moderate probability
TG-Lo = 3.481, low probability
More on this chart as price action unravels.
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I defined 4.602 as a potential reversal signal in structural analysis, as a potential indicator of forecast failure.
This being said, all I am saying is that the trader should be aware that 4.602 can be used as a physical limitation to roughly estimate a bullish market reversal.
If price climbed up there, it is likely to find resistance, and a subsequent price action might produce a continuation to the downside.
If price broke above that level, I would look at my own device and change my analysis accordingly.
Again, all the analyses are similar to weather forecasting. I'm not telling people to go to work or take a vacation, just saying whether it's going to rain or shine, ... so to speak.
First two red marks are based on historical structures. Bottom target is based on predictive analysis/forecasting system.
While the overall pattern favors bears, a recent rally was controlled within the confines of a rising wedge. A 5-point resistance and 3-point support defined the wedge until a recent break below support followed by validation of support-turned resistance.
If this resistance remains in force, this would further validate the downside potential, opening to structures as defined by this additional inserted chart.
"$NGAS maintains bearish bias; strongest resistance @4.603; targets intact and in force - via http://www.tradingview.com"
Ever since signal released at RED arrow within triangle, price fell. HOWEVER, it failed to reached the first forecast target and instead retreated short of the structure-high level near the 4.850 value.
Since that retreat, price resumed its downward course. In that downwards resumption, a bearish reversal signal confirmation appeared within the predictive/forecasting model.
At this point, bearish targets remains intact and in force.
"$NGAS hit target @ 4.217; Expect structural rally up to 4.500; Bulls still prevail: via http://www.tradingview.com"
First soft target reached. Expect a potential rally up to structures defined in the chart - I expect that 4.500 would impose the fiercest level of resistance and push bears to lower lows towards the next target levels.